Prosus and Peak XV Partners, formerly known as Sequoia India and Southeast Asia, confirmed Friday evening that their representatives have resigned from the board of Byju’s, India’s most valuable startup, that is still reeling from the departure of its auditor Deloitte.
The resignations — which Byju’s vehemently denied on Thursday — came shortly after global auditing giant Deloitte told the board of Byju’s that it was resigning from the role. Deloitte, which was slated to work with Byju’s until 2025, said that it had not undertaken the auditing of the edtech giant’s accounts for the year ending March 2022 and cited delay in the startup’s handling of the documents as the reason.
A spokesperson for Peak XV Partners confirmed the departure of GV Ravishankar from Byju’s board and said the investing giant was “committed to supporting the company for bringing on board an independent director in order to strengthen business processes and internal control mechanisms.”
In a statement, a Prosus spokesperson said:
Prosus confirms that Russell Dreisenstock, the representing Board Director from MIH Edtech Investments, B.V. (a Prosus entity) on the board of Think & Learn Private Limited, resigned from his position. The Company is required to file the resignation letter with the MCA in India within the required time period.