BYJU’S denies reports of three board members resigning

Edtech major BYJU'S has denied reports of three board members of the company resigning from their positions.

BYJU'S early backer GV Ravishankar, Managing Director at Peak XV Partners (formerly Sequoia Capital India), Russell Dreisenstock of Prosus (previously Naspers), and Chan Zuckerberg Initiative’s Vivian Wu, have all resigned, The Economic Times reported, adding that the resignations are yet to be accepted by BYJU’S.

“A recent media report suggesting the resignations of board members from BYJU'S is entirely speculative. BYJU'S firmly denies these claims and urges media publications to refrain from spreading unverified information or engaging in baseless speculation,” a BYJU'S spokesperson told YourStory in response to emailed queries.

“Any significant developments or changes within our organisation are shared through official channels and announcements...” the statement added.

The departure of the board members stems from disagreements with founder Byju Raveendran on critical operational matters related to the edtech company, The Economic Times report noted.

YourStory could not independently verify the report.

This development comes at a time when the edtech giant awaits large funding infusion while also entangled in disputes with its creditors over a $1.2-billion term loan B (TLB).

The edtech unicorn has been plagued with mounting losses, layoffs, and pending loans after the end of the pandemic-led edtech boom. 

Earlier this week, it initiated another round of job cuts that will impact more than 1,000 people.

BYJU'S is yet to file its financials for FY22. The edtech firm had filed the FY21 financials with regular accounting bodies in India in September 2022, nearly 18 months after the financial year ended.

(Disclaimer: This article was updated with BYJU'S statement, and to clarify that BYJU'S filed FY21 results 18 months after the financial year ended.)