Fate Of Byju's Billionaire Founder Hinges On Big Investors Meet Today
NDTV
A consortium of shareholders, including the global tech investor Prosus, aims to dethrone Mr Raveendran and install a new board.
The fate of Byju Raveendran, founder and CEO of ed-tech giant Byju's, hangs in the balance as an extraordinary general meeting (EGM) of its investors is scheduled to take place today. A consortium of shareholders, including the global tech investor Prosus, aims to dethrone Mr Raveendran and install a new board.
Byju's, once hailed as one of India's most profitable start-ups with a valuation exceeding $20 billion, has witnessed a staggering decline of approximately 90 per cent in the past year. The ed-tech firm, propelled by the surge in demand for online learning during the Covid pandemic, now grapples with a series of crises. Key investors withdrew support, Deloitte resigned as the auditor, and a legal feud with US lenders over a $1.2 billion loan added to the turmoil.
Ahead of the meeting, Byju's claimed that the Karnataka High Court had ruled any decisions made at the meeting would be "invalid" until the next hearing, asserting that the move is a mere "smokescreen" to disrupt the company's management and control.
