Shareholders press for leadership change at BYJU'S

New Delhi: A group of Byju's shareholders including tech investor Prosus said on Thursday that it was seeking a revamp of the embattled Indian education technology firm's board, including a change in leadership, at an upcoming extraordinary general meeting.

"We are deeply concerned about the future stability of the company under its current leadership and with the current constitution of the Board," the shareholders said in a statement. The statement was shared by Prosus, which has a roughly 9 per cent stake in Byju's, and said it had the backing of a "number of major investors", without naming them.

Others supporting the statement include Sofina and Peak XV, according to a source with direct knowledge of the matter. Byju's, controlled by billionaire Byju Raveendran, did not immediately respond to a request for comment.

The company was one of India's hottest startups, valued at $22 billion in 2022, but has faced a series of crises including its auditor Deloitte and board members resigning and a US lawsuit disputing terms and payment of a billion-dollar loan. It was also looking to raise $200 million through a rights issue of shares to clear immediate liabilities and cover other operational costs.