Byju Raveendran, the founder of eponymous edtech group Byju’s, told employees on Saturday that he continues to remain the chief executive of the startup and that rumors of his firing have been “greatly exaggerated,” a day after a shareholder group voted to remove him at an emergency general meeting. In a 758-word letter, content of […]
Byju’s investors unanimously vote to remove founder
A group of Byju’s investors on Friday voted to remove the edtech group’s founder and chief executive Byju Raveendran and separately filed an oppression and management suit against the leadership of the firm to block the recently launched rights issue in a surreal moment for the startup, which was once the most valuable in India. […]
Byju’s says $200 million rights issue that cuts valuation by 99% fully subscribed
Byju’s says its recently launched $ 200 million rights issue has been fully-subscribed, but the startup’s founder urged some of its major investors to participate amid a rift between the edtech group and some of its largest shareholders. The Bengaluru-headquartered startup, valued at $ 22 billion in its last financing round in early 2022, announced […]
Byju’s says investors don’t have voting right to remove founder from edtech group
Following months of behind-the-scenes conflict, Byju’s and some of its biggest investors are now airing their complaints about one another publicly. Byju’s, once India’s most valuable startup, said Friday its investors do not have the voting right to seek leadership changes, a day after a group of shareholders called for an extraordinary general meeting to […]
Byju’s seeks to raise $200 million in rights issue amid cash crunch, resets valuation
Byju’s, the world’s most valuable edtech startup, launched a rights issue on Monday, seeking to raise $ 200 million as the Indian firm works to address its working capital issues. The startup is resetting its valuation to “next to nothing” in the rights issue, where all existing investors have an opportunity to participate, according to […]