Byju’s says restructuring businesses
Reading Time: 2 minutesThree senior executives are leaving Byju’s as part of a restructuring at the edtech group, the most valuable Indian startup said Tuesday.
Mukut Deepak, who led the classes 4-10 business; Himanshu Bajaj, head of the tuition centers, and Prathyusha Agarwal, Byju’s chief business officer are leaving the firm, the Bengaluru-headquartered startup said.
Byju’s, valued at $22 billion in its most recent funding round, said the executives’ departure is part of a restructuring of businesses and verticals at the edtech group. As part of the restructuring, Byju’s is consolidating four of its verticals into two – K-10 and Exam Prep, it said.
The decision coincides with Byju’s undertaking significant changes as it approaches securing fresh financing and the confidence of its backers. Byju’s is currently reassessing its agreements with lenders and at least one investor in an effort to streamline its commitments.
Deloitte and three key board members resigned from Byju’s recently, pointing to various concerns within the company. In a scathing statement last month, Prosus alleged that Byju’s reporting and governance structures hadn’t evolved ‘sufficiently for a company of that scale,’ and the Indian firm ‘disregarded advice and recommendations’ from Prosus’ director despite repeated attempts.
‘At present, two very seasoned and senior leaders lead both verticals- Ramesh Karra leads the K-10 vertical, while Jitesh Shah leads the exam prep business,’ a Byju’s spokesperson said Tuesday. The news of executives’ departure was first reported by Moneycontrol.
‘We thank them for their contributions and wish them all the best for their future endeavours,’ the company added.
Reference: https://techcrunch.com/2023/08/29/byjus-says-restructuring-businesses/
Ref: techcrunch
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