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Edtech major Byju’s three leadership employees have resigned amid turbulent times in the company.
Prathyusha Agarwal, the Chief Business Officer of Byju’s, Himanshu Bajaj, Business Head of Byju’s Tuition Centres and Mukut Deepak, Business Head for Class 4 to 10, have quit the company.
Prathyusha Agarwal joined Byju’s in 2022 from Zee Entertainment Enterprise. She was the chief consumer and data officer at Zee, while Deepak joined Byju’s in November 2021 to head the Byju’s Tuition Centres (BTC).
The unicorn edtech said that as a part of a restructuring its business and verticals, it has appointed Ramesh Karra to lead the K-10 vertical, while Jitesh Shah would lead the exam prep business
Also Read | Ministry of Corporate Affairs orders inspection of Byju’s account books
“As BYJU’S continues to chart its path to profitability and sustainable growth, we have undertaken a restructuring of businesses and verticals including the consolidation of four verticals into two key verticals - K-10 and Exam Prep. 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. And as a part of this reorganization of businesses, Mukut Deepak, Pratyusha Agarwal and Himanshu Bajaj will be moving on,” said a Byju’s spokesperson.
Adding to Byju’s woes
US asset management company Baron Capital has almost halved its valuation of edtech major Byju’s.
The US-based company said that the reduction in the fair market value of its holding in Byju’s was due to recent events such as the change in the Byju’s company’s auditor, resignations of three board members, and the withdrawal of Covid-19-related tailwinds for the sector.
Baron Capital has slashed the edtech’s unicorn valuation by 44.6 per cent to $11.7 billion as of June 30, from $21.2 billion as of March 31.
Recently, in June, Byju’s saw its three key investor board members stepping down due to differences with the founder Byju Raveendran over operational issues.
Also Read | Byju’s top executive Cherian Thomas quits, joins Impending Inc as CEO
Deloitte, the company’s auditor since 2015, resigned in June, citing delays in the company’s FY22 (2021-22) financial results.
Byju’s is also in discussions with creditors –Term Loan B for raising funds. The company has also laid off more than 2,000 employees this year and gave up its largest office space in Bengaluru.
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