Byju’s founder, Raveendran, is working to address investor concerns by considering offering renounced shares to prevent dilution and validate a recent rights issue. Despite opposition from some investors pursuing legal action, the board has already received over 50% of votes required for the rights issue. The recent valuation cut has caused investors like Prosus Ventures, Peak XV Partners, and Chan Zuckerberg Initiative to seek Raveendran’s removal and invalidate the rights issue. Raveendran reassured shareholders of his commitment to equality and equity, urging them to continue supporting Byju’s despite challenges. Critics have raised concerns about governance practices and delayed financial reporting at the startup. Raveendran remains dedicated to overcoming challenges and hopes shareholders will continue on the journey with Byju’s.
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