The company’s chief business officer Prathyusha Agarwal, Mukut Deepak (business head for class 4 to 10) and Himanshu Bajaj (head of tuition centers) have quit, a spokesperson for Byju’s said, as per Reuters.
The restructuring comes as the edtech firm battles a series of crises in recent months as its auditors quit, anti-money laundering officials searched its offices, and several directors from its board resigned.
ETtech reported on August 28 that US-based asset management firm Baron Capital Group slashed the valuation of Byju’s by almost half, underscoring that the edtech platform was a big drag on funds managed by Baron.
Baron Capital said the reduction in the fair market value of its holding in Byju’s was necessitated by recent events such as the change in the edtech company’s auditor, resignations of three board members, and the withdrawal of Covid-related tailwinds for the sector.
In its April-June quarterly report, Baron Capital cut the valuation of Byju’s to $11.7 billion as on June 30, down 44.6% from $21.2 billion three months earlier.
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