BYJU'S investors form working group to monitor and advise company growth
General Atlantic, Prosus, Peak XV, Sofina, Chan Zuckerberg Initiative, and Verlinvest are part of the working group.
Investors in have formed an unofficial working group to closely monitor the company's developments and offer recommendations for its growth. The move comes months after key board members stepped down from their positions.
The group was formed a few weeks ago and includes General Atlantic, Prosus, Peak XV, Sofina, Chan Zuckerberg Initiative, and Verlinvest, Moneycontrol has reported.
BYJU'S has recently witnessed the departure of board members, including G V Ravishankar from Peak XV Partners, Vivian Wu from the Chan Zuckerberg Initiative, and Russell Dreisenstock from Prosus.
YourStory has emailed queries to BYJU'S and is awaiting a response.
In July, Prosus stated that the Bengaluru-based company's reporting and governance structures had not sufficiently evolved over time to meet the demands of its scale. Despite repeated efforts from its Director, the executive leadership at BYJU’S consistently disregarded advice and recommendations regarding strategic, operational, legal, and corporate governance issues.
“The decision for our Director to step down from the BYJU’S Board was taken after it became clear that he was unable to fulfil his fiduciary duty to serve the long-term interests of the company and its stakeholders,” Prosus stated.
Earlier in the same month, BYJU'S put forth a proposal for the creation of a Board Advisory Committee (BAC) aimed at providing guidance to the company, particularly to the CEO, with respect to matters concerning the composition of the board and the company's governance structure.
Earlier today, Times Of India reported that the Chairman of Manipal Education and Medical Group, Ranjan Pai, is considering an investment of approximately $250-300 million in Aakash Institute, a subsidiary of BYJU'S.
Edited by Affirunisa Kankudti