Two investors confirm exec resignation from Byju's

NEW DELHI: Peak XV Partners (formerly Sequoia India and South East Asia) and Prosus on Friday confirmed the resignation of their representatives from the board of troubled edtech startup Byju's.

In a statement issued late on Friday night, Peak XV Partners said the firm's MD GV Ravishankar has resigned from the board of Think & Learn (parent company of Byju's). "We are committed to supporting the company for bringing on board an independent director in order to strengthen business processes and internal control mechanisms," a company spokesperson said.

Separately, Prosus also issued a statement confirming the development. "Prosus confirms that Russell Dreisenstock, the representing board director from MIH Edtech Investments, B.V. (a Prosus entity) on the board of Think & Learn, resigned from his position. The company is required to file the resignation letter with the MCA in India within the required time period," the firm said.

Byju's said it has been engaging with investors on discussions around the reconstitution of the company's board, adding that the need for reconstitution arose "as few investors had to vacate the board seat due to their shareholding falling below a threshold".


Ready to Master Stock Valuation? ET’s Workshop is just around the corner!