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Byju’s: Prosus, GA, Peak XV, others ask Raveendran to step down as CEO

Mint  

Several large shareholders of Think and Learn Pvt Ltd, the parent entity of beleaguered edtech startup Byju’s, have called for a change in the company’s management, including the removal of co-founder and chief executive Byju Raveendran. General Atlantic, Prosus Ventures, Peak XV and Chan Zuckerberg Initiative, among others, have signed a notice calling for an extraordinary general meeting (EGM) to also propose a reconstitution of the company’s board.The notice for the EGM follows a rights issue that the company launched last week to raise USD 200 million from its existing shareholders, valuing the firm at a reported post money valuation of USD 225-250 million. The funds will be used to pay off mounting liabilities.From employee provident fund to unpaid vendors, the company’s liabilities are pegged at USD 125-150 million.