:All three global investors at Byju's confirmed on Friday that their representatives had resigned from the board of the once high-flying Indian startup that has been battling pressure from lenders amid a steep drop in its valuation.The resignations of GV Ravishankar of Peak XV Partners, earlier Sequoia Capita
:All three global investors at Byju's confirmed on Friday that their representatives had resigned from the board of the once high-flying Indian startup that has been battling pressure from lenders amid a steep drop in its valuation.
Byju's was valued at $22 billion in 2022, but investors have in recent months cut their valuation estimates as the edtech grapples with lawsuits, auditing issues and layoffs. Blackrock slashed its internal valuation of the company by more than 60 per cent to $8.2 billion, disclosures show. A"few" investors had to vacate their board seats as their shareholding dropped below the required minimum threshold, necessitating a board reshuffle, it said.
The confirmation of the resignations comes after Reuters and other media outlets reported on Thursday that three Byju's board members had quit recently.
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