Byju’s CEO Mohan leaves as crisis swells

finance departments being directly monitored by Raveendran,” this person added. “He just ensured the burn rate was brought down and the company continued its operations.”

“The changes follow an extensive seven-month operational review and cost optimisation exercise led by outgoing Byju’s India chief executive officer Arjun Mohan,” the company said in a statement on Monday.

The company’s battle with shareholders escalated last month when four key investors—Prosus NV, General Atlantic, Sofina, and Peak XV Partners—supported by Tiger Global and Owl Ventures, moved the National Company Law Tribunal, highlighting their concerns about Byju’s $200-million rights issue, which was priced at a 99% discount to the company’s peak valuation of $22 billion.

This decision was one of several resolutions aimed at tackling financial mismanagement, and compliance and governance issues at Byju’s. These investors had also passed a resolution at an extraordinary general meeting seeking the ouster of Raveendran from the company, a move the founder has termed invalid.

Last month, Byju’s extended an olive branch to investors who did not participate in its rights issue so they could avoid further dilution of their shareholding in the company, after it secured more than 50% votes to increase its authorised share capital.

priyamvada.c@livemint.com