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Byju’s wholly-owned subsidiary WhiteHat Jr. Chief Executive Officer Ananya Tripathi has decided to tender her resignation, according to sources. This marks another top-level exit from the edtech unicorn.
Ananya Tripathi had joined WhiteHat Jr in April last year. She was the Managing Director at KKR Capstone before joining the company and had also served as the Chief Strategy Officer of Myntra for nearly four years.
In August 2020, Byju’s had acquired WhiteHat Jr, a code-learning platform, in a $300-million cash deal. Karan Bajaj, the founder of WhiteHat Jr, resigned as CEO a year after the company was acquired. Trupti Mukker, a Byju’s executive, was appointed as the CEO of WhiteHat Jr before Tripathi took charge.
Byju’s exits
The four senior-level exits have come at a time when Byju’s has been grappling with challenges on both domestic and international fronts.
businessline reported on three top executives resigning from Byju’s earlier this week.
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.
Turbulent times
Recently, the US asset management company Baron Capital almost halved its valuation of the beleaguered edtech firm due to recent events such as change in its company’s auditor, resignations of three board members, and the withdrawal of Covid-19-related tailwinds for the sector.
Baron Capital slashed Byju’s valuation by 44.6 per cent to $11.7 billion as of June 30, from $21.2 billion as of March 31.
In June, Byju’s saw its three key investor board members stepping down due to differences with the founder Byju Raveendran over operational issues.
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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