🚨 Byju's investors call for an EGM to remove founder Byju Raveendran and change the board
"We are deeply concerned about the future stability of the Company under its current leadership and with the current constitution of the Board"
Statement from major investors 👇
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The development comes after Byju's has decided to cut down the valuation to $220 mn post-money for a rights issue.
The 99% valuation cut has stunned the investors, who will see their collective $5 bn+ investment wiped out if they don't participate 👇
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The group of investors calling for the EGM include Prosus (MIH), Peak XV (earlier Sequoia India), Sofina and General Atlantic among others
Collectively they hold over 25% stake in the company, as it can be seen from their cap table
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@madhavchanchani
I always thought the E in EGM would be ‘Executive’. Only Bjyu could help me learn that it can also be ‘Extraordinary’ too. As Bynum say, *fall in love with learning*
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@madhavchanchani
Looks like they're trying to shake things up over at Byju's. Big investors making big moves! 🎲 Let's see where this rollercoaster goes.
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@madhavchanchani
But with the new rights issue at $25mn all these investors will be diluted to 0, will that make this EGM even valid?
As per TC, cram round will push existing investors to either put more money or go away.
Isn’t this just a fight of what happens first?
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