- Major Byju’s investors sought founder Byju Raveendran’s ouster and board overhaul.
- Shareholders like General Atlantic and CZI called out leadership instability.
- The revolt shows growing discontent with how Raveendran has steered the edtech giant.
Investors push for leadership overhaul at edtech giant
Several major investors in Indian edtech giant Byju’s have called for the ouster of founder Byju Raveendran along with a reconstitution of the company’s board of directors.
Reports emerged this week. The demand came in a notice to shareholders of Byju’s parent company, Think & Learn.
Investors such as General Atlantic, Prosus, Peak XV Capital, and the Chan Zuckerberg Initiative said they are “deeply concerned about the future stability of the company under its current leadership.”
The move follows recent scrutiny over Byju’s finances and governance as it navigates a severe cash crunch.
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Byju’s investors demand overhaul amid mounting losses
Once valued at $22 billion, Byju’s was reportedly seeking to raise $200 million at a valuation plunge of 99%. The company has faced mounting losses, with a widening net loss of $500 million in FY21.
The investor revolt signifies growing discontent with how founder Raveendran has stewarded the edtech leader.
With governance and financial issues piling up, shareholders seem unwilling to let Byju’s escape continued oversight.
Their call to reconstitute the board aims to install directors who can stabilize the battered company. The coming weeks may determine whether Raveendran stays at the helm.
