Byju’s opens channel with miffed investors

Ahead of the Friday’s extraordinary general meeting (EGM), the leadership team of Byju’s has opened communication channels with a group of miffed investors who are pressing for a change in management, including the ouster of founder-CEO, Byju Raveendran.

Sources said that Byju’s leadership team has conveyed about putting in place a transparent mechanism to monitor the end-use of funds raised through its ongoing rights issue.

Byju’s is learnt to have received a commitment of $300 million from investors so far for the rights issue, which will close by the end of February. The issue was floated in January-end to raise $200 million at an enterprise valuation in the range of $220-250 million, a 99% reduction in its peak valuation of $22 billion.