“Byju’s Founder Proposes Share Offering in Effort to Reconcile with Disaffected Investors”
Byju’s is holding an extraordinary general meeting Friday, where it will attempt to pass the resolution over the rights issue.
The rights issue values Byju’s under $250 million, a stunning drop from the $22 billion valuation it carried in early 2022.
Prosus Ventures, Peak XV Partners and Chan Zuckerberg Initiative are among the investors who didn’t participate in Byju’s recent $200 million rights issue.
The investors have instead sought, using legal means, to remove Raveendran and his family from the startup and to invalidate the rights issue.
The investors quit the startup’s board whereas the global auditing giant Deloitte dropped the account of Byju’s over these concerns last year.
