Just when the world was grappling with the news of BYJU’S planning an IPO for its tutorial subsidy, Aakash Education Services Limited, all hell broke loose
From mass firings, auditor’s resignation, boardroom exits, here’s a look at BYJU’S most eventful week
For the unversed, BYJU’S was struggling to pay off its $1.2-billion term loan while also fighting a court battle with its lenders in the US
Last week, the company’s auditor Deloitte decided to make an exit from BYJU'S following the delay in certifying their FY22 results
The edtech major also laid off 1,000 employees in a series of mass firings. Previously, the company fired more than 2,500 employees across different verticals
Amid this, the news of the company's three boardroom directors, representing Peak XV, Prosus NV, and the Chan-Zuckerberg Initiative, also exiting surfaced
G V Ravishankar of Peak XV Partners, Vivian Wu of Chan Zuckerberg Initiative, and Russell Dreisenstock of Prosus, have tendered their resignations
BYJU's has also been accused of not paying its employees the provident fund since the month of October 2022
Byju Raveendran, CEO of the company, addressed the on-going crisis in a town hall and said that the company will “bounce back strongly” and is on the brink of achieving group-level profitability