'Entirely speculative': Byju's quashes report on resignations of key board members

Edtech major Byju's on Thursday dismissed a media report on resignations of key board members as "entirely speculative". 

Three key board members of Byju's have stepped down from the company's board amid differences with founder Byju Raveendran on key operational issues, reported Moneycontrol.

Representatives from Peak XV (formerly Sequoia Capital India), Prosus, and Chan Zuckerberg on Byju’s board have tendered their resignations, said the report.

"A recent media report suggesting the resignations of board members from Byju's is entirely speculative. Byju's firmly denies these claims and urges media publications to refrain from spreading unverified information or engaging in baseless speculation. Any significant developments or changes within our organisation are shared through official channels and announcements. We request media outlets to rely on verified sources and official statements for accurate information regarding Byju's," said a spokesperson of the firm.

G V Ravishankar of Peak XV Partners (formerly Sequoia Capital India), Vivian Wu of Chan Zuckerberg Initiative, Russell Dreisenstock of Prosus sit on the board of directors of Byju's apart from Riju Ravindran, Byju Raveendran, and Divya Gokulnath.

Their resignations are yet to be accepted, added the report.

Byju's was valued at $22 billion last year, but saw its valuation slashed to $8.4 billion earlier this year by Blackrock, a minor shareholder in the company.

Byju's is also locked in a dispute with lenders, who allege the company hid $500 million, leading it to sue Redwood management, one of its lenders.

The edtech firm skipped a $40-million repayment due earlier this month.