THEHACKCITY

In an expected turn of events for Byju’s, once India’s most valuable edtech startup, a coalition of investors voted to oust its founder and CEO, Byju Raveendran, during an emergency general meeting (EGM) held on Friday. Additionally, they lodged an oppression and management suit against the company's leadership to impede a recently launched rights issue, marking a surreal moment for the company. During the EGM, which concluded earlier today, a consortium of investors, including Prosus Ventures and Peak XV Partners, opted to instigate leadership changes within the startup. As per an investor source familiar with the matter, the participating shareholders, amassing over 60% ownership in Byju’s, also endorsed the restructuring of the company's board. However, two individuals close to Byju’s have contested this ownership percentage, though no official statement has been released by either side to confirm the figures. Raveendran and other board members were notably absent from the E...

Tensions Flare Between Byju's and Investors: Governance, Finances, and Leadership in Dispute Byju's, once India's most valuable startup, finds itself embroiled in a public dispute with some of its biggest investors. The disagreement centers around governance, financial management, and leadership. Investors, including Prosus, General Atlantic, and Chan Zuckerberg Initiative, have expressed concerns about outstanding governance issues, financial mismanagement, and compliance problems. Additionally, they seek a change in leadership structure and board composition. This move marks their **third attempt** to call for an Extraordinary General Meeting (EGM) to address these concerns. Byju's, on the other hand, asserts that their shareholder agreement doesn't grant investors the right to vote on leadership changes. They also emphasize their efforts to resolve the situation, including forming a working group with investors and implementing business restructuring measures. Ad...