Byju’s senior executives exit as company restructures business

10 months ago 531

The edutech bubble seems to have burst as the Covid-19 pandemic came to an end and life came back to normalcy. Just like many other edutech firms, Byju’s has also been through a rough patch for the past several months. Now, a new report claims that three senior executives are leaving Byju’s, which was once considered the most valuable Indian startup.

According to a report by

TechCrunch

, these executives are quitting the company as part of a restructuring.
Senior executives leaving Byju’s
The senior executives who are leaving the edtech firm include the company’s chief business officer,

Prathyusha Agarwal

. Apart from him, two other executives who are exiting the company include -- Mukut Deepak, who led the classes 4-10 business and

Himanshu Bajaj

, head of the tuition centres. As per the report, the Bengaluru-based startup has already confirmed the departure of these executives.
Byju’s in a statement noted: “We thank them for their contributions and wish them all the best for their future endeavours.”

Why these executives are leaving Byju’s
In its most recent funding round, Byju’s was valued at $22 billion. The company mentioned that the executives’ departure is part of a restructuring of businesses and verticals.

As part of the restructuring, Byju’s is also consolidating four of its verticals into two – K-10 and Exam Prep, the company said. This decision comes amid the company’s attempt to secure fresh financing and the confidence of its investors.

In an effort to streamline its commitments, Byju’s is currently reassessing its agreements with lenders and an investor. A Byju’s spokesperson also said, “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.”
Investors leaving Byju’s
In June,

Deloitte

and three key board members resigned from Byju’s. These shareholders cited various concerns within the company for their decisions. Last month, Prosus also alleged that Byju’s reporting and governance structures hadn’t evolved “sufficiently for a company of that scale.” The company also noted that the Indian edutech startup “disregarded advice and recommendations” from Prosus’ director despite repeated attempts.

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