NEW DELHI (Reuters) -A group of Byju’s shareholders including tech investor Prosus said on Thursday it is seeking a revamp of the embattled Indian education technology firm’s board, including a change in leadership, at an upcoming extraordinary general meeting.
“We are deeply concerned about the future stability of the company under its current leadership and with the current constitution of the Board,” the shareholders said in a statement.
The statement was shared by Prosus, which has a roughly 9% stake in Byju’s, and said it had backing of a “number of major investors”, without naming them. Others supporting the statement include Sofina and Peak XV, according to a source with direct knowledge of the matter.
Byju’s, controlled by billionaire Byju Raveendran, did not immediately respond to a request for comment.
The company was one of India’s hottest startups, valued at $22 billion in 2022, but has faced a series of crises including its auditor Deloitte and board members resigning and a U.S lawsuit disputing terms and payment of a billion dollar loan.
It is also looking to raise $200 million through a rights issue of shares to clear immediate liabilities and cover other operational costs.
(Reporting by Aditya Kalra and Indranil Sarkar; Editing by Savio D’Souza and Mark Potter)
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