Byju's Advisory Board Members Step Down Amidst Company Challenges

Byju's Advisory Board Members Step Down Amidst Company Challenges

Byju's Advisory Board Members Step Down Amidst Company Challenges

Think & Learn Private Limited (TLPL), the parent company of edtech giant Byju's, has announced that its advisory board members, Rajnish Kumar and Mohandas Pai, have decided not to renew their contracts, which expire on June 30, 2024.

In a joint statement, Kumar and Pai clarified that their engagement with the company was always on a fixed-term basis and that the decision not to extend their tenure was mutually agreed upon. They expressed their best wishes for the company's future.

TLPL acknowledged the value of the advisors' engagement and expressed appreciation for their efforts in guiding the company through challenging times. Byju Raveendran, founder and CEO of TLPL, emphasized the invaluable support provided by Kumar and Pai and stated that their advice would continue to be relied upon in the ongoing restructuring process.

This development comes at a time when Byju's is facing multiple challenges, including a cash crunch, delays in financial reporting, and legal disputes with lenders and investors. The company has also undergone significant restructuring, including the consolidation of its businesses into three divisions and the departure of its India CEO, Arjun Mohan.

Furthermore, Byju's is grappling with delays in salary payments to employees and is embroiled in a legal battle with investors over a $200 million rights issue. These challenges have raised concerns about the company's future and its ability to navigate the current turbulent environment.

Despite these difficulties, Byju's remains a major player in the Indian edtech sector. The company has a large user base and continues to attract investment. However, the company's ability to overcome its current challenges and achieve sustainable growth will be crucial to its long-term success.