Byju’s investors vote to remove founder

A group of Byju’s investors voted to remove founder and CEO Byju Raveendran.
The investors also filed a suit against the firm’s leadership to block a recently launched rights issue.
Shareholders, including Prosus Ventures and Peak XV Partners, voted to change the startup’s leadership and reconstitute Byju’s board.
The participating shareholders’ combined ownership in Byju’s exceeded 60%.
Raveendran and other board members did not attend the Emergency General Meeting (EGM).
Byju’s disputed the legitimacy of the resolutions passed in the EGM.
Four investors, representing about 25% ownership in the startup, filed a suit at the National Company Law Tribunal to halt the rights issue.
The unrest among Byju’s largest investors has been ongoing for over a year.
Byju’s, valued at $22 billion in early 2022, has raised over $5 billion to date.
The startup spent more than $2.5 billion in 2021 and 2022 on acquisitions alone.
Byju’s had planned to go public in early 2022 through a SPAC deal, but the plan was abandoned as the market turned.