Byju’s business head resigns
“As BYJU’S continues to chart its path to profitability and sustainable growth, we have undertaken a restructuring of businesses and verticals including the consolidation of four verticals into two key verticals – K-10 and Exam Prep,” the spokesperson said.
Byju’s Chief Business Officer, Prathyusha Agarwal, and two other senior executives have resigned ahead of a reported restructuring of the struggling Indian ed-tech start-up.
According to the media reports, Byju plans to restructure its business and operations. A company spokesperson also confirmed the planned restructuring on Tuesday.
Agarwal had joined Byju’s in February 2022 from Zee Entertainment Enterprises. Two other business heads – Himanshu Bajaj and Mukut Deepak – have also left, the company, once India’s most valuable startup, said.
“As BYJU’S continues to chart its path to profitability and sustainable growth, we have undertaken a restructuring of businesses and verticals including the consolidation of four verticals into two key verticals – K-10 and Exam Prep,” the spokesperson said.
Byju’s has let go of thousands of employees this year as it grapples with multiple legal and financial woes. Challenges multiplied after investor Prosus NV said that the company’s management “regularly disregarded advice” despite repeated efforts by the Dutch-listed tech firm’s former director to improve governance.
Deloitte, which was slated to audit Byju’s until 2025, also quit due to “long-delayed” financial statements by the company, citing “significant impact” on its ability to perform audits according to necessary standards.
Media reports said that Byju’s will file 2022 audited earnings by September and 2023 results by December.
In early July it constituted an advisory council with investor Mohandas Pai and former State Bank of India chairman Rajnish Kumar to address corporate governance issues.
Byju’s, which was headquartered at Bangalore, was founded in 2011 by Byju Raveendran and Divya Gokulam. As of June 2023, Byju’s was valued at 22 US billon dollars. The company claimed to have over 150 million registered students.
