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Byju's investors seek to eject CEO Raveendran, rejig board
Mint Mumbai
|February 02, 2024
Large shareholders of Byju’s have demanded a shareholders’ meeting to oust its top leadership including founder and chief executive Byju Raveendran and recast its board, days after the edtech startup tapped its existing investors for emergency capital at a throwaway valuation.
The $200 million rights issue by Think and Learn Pvt. Ltd (T&L), parent of Byju’s, threatens to wipe out shareholders who decline to participate. General Atlantic, Prosus Ventures, Peak XV and Chan Zuckerberg Initiative, among others, signed a notice demanding the change, the people cited above said. The extraordinary general meeting (EGM) to "address persistent issues" includes a call for the reconstitution of the beleaguered company’s board, "so that it is no longer controlled by the founders of T&L".
"The request for an EGM is supported by a consortium of T&L shareholders and followed earlier notices of requisition sent to the T&L board of directors in July and December 2023, which were disregarded," a spokesperson for the consortium said in a statement.
This story is from the February 02, 2024 edition of Mint Mumbai.
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