Byju's Crisis: Peak XV Partners' GV Ravishankar, Prosus' Russel Dreisenstock officially step down

A day after reports of Byju's three board members tendered their resignations arrived, two investors on 23 June confirmed their representatives had resigned from the Indian startup's board.

GV Ravishankar of Peak XV Partners (Sequoia Capital India) and Russel Dreisenstock have officially stepped down from the board of Byju's.

Earlier, owing to differences with founder Byju Raveendran on key operational issues, G V Ravishankar of Sequoia Capital (now Peak XV Partners), Vivian Wu of Chan Zuckerberg Initiative, and Russell Dreisenstock of Prosus had tendered their resignations.

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“We confirm that GV Ravishankar, MD, Peak XV Partners has resigned from the board of Think & Learn Pvt Ltd. We are committed to supporting the company for bringing on board an independent director to strengthen business processes and internal control mechanisms,” Moneycontrol quoted a Peak XV Partners spokesperson as saying.

Apart from this, Deloitte Haskins & Sells resigned as Byju's auditor with immediate effect, the report added. Byju has now appointed BDO (MSKA & Associates) as statutory auditors.

As per details, Ravishankar, Wu, Dreisenstock, Riju Ravindran, Byju Raveendran, and Divya Gokulnath sit on the board of directors of Byju's, out of which Ravishankar, Wu, and Dreisenstock are non-executive directors. Their resignations are yet to be accepted, added the report.

This is the latest setback for India's most valued startup, which has enrolled Shah Rukh Khan as its brand ambassador. Also, the firm is in a tiff with its lenders in the US and dealing with mounting financial woes in India.

Looking at the FY21 (2020-21), Byju's reported a huge jump in losses to more than ₹4,500 crore. Its revenues for the period dropped marginally.

With agency inputs.