Three board members of Indian startup Byju's have quit and Deloitte has stepped down as its auditor, three sources said, key departures amid the edtech company's disagreement with lenders and when an investor has slashed its valuation. Byju's founder Byju Raveendran(Livemint)Peak XV Partners' GV Ravishankar, Prosus' Russell Dreisenstock and Chan Zuckerberg Initiative's Vivian Wu have resigned from the board, three sources familiar with the matter said. A Byju's spokesperson called the news of the resignations "entirely speculative". The departures mean Byju's board now consists only of the founder's family - Chief Executive Byju Raveendran, his wife Divya Gokulnath, and brother Riju Raveendran, the sources said. 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.

Source: Mint June 22, 2023 18:20 UTC