Byju’s shareholder Prosus cites poor corporate governance for board exit

In a scathing statement explaining why its representative resigned from the beleaguered edtech firm Byju’s board, Prosus, among the largest tech investors in India, said the decision to exit was taken after it became clear that the executive leadership at the edtech firm regularly “disregarded advice and recommendations relating to strategic, operational, legal, and corporate governance matters”.

“The decision for our director to step down from the Byju’s board was taken after it became clear that he was unable to fulfill his fiduciary duty to serve the long-term interests of the company and its stakeholders,” a statement from Prosus said. The investment firm holds less than 10% of Byju’s total stake and recently marked down the valuation of that investment.