Byju’s founder floats share offer to make peace with estranged investors

Trending 2 weeks ago

Byju Raveendran, nan laminitis of embattling edtech group Byju’s, has made a last-ditch effort to placate nan Indian startup’s disgruntled investors, informing them that nan committee is weighing an connection of renounced shares to forestall dilution of their holdings.

In an email to shareholders Friday morning, a transcript of which TechCrunch has reviewed, Raveendran said nan startup’s committee is considering to make nan investors an connection to declare nan renounced shares successful a measurement that prevents dilution to their existing Byju’s holdings.

Raveendran besides informed nan shareholders that nan startup has already received complete 50% votes required to summation nan authorized stock superior successful nan startup to return into effect nan precocious raised $200 cardinal via a authorities issue.

Prosus Ventures, Peak XV Partners and Chan Zuckerberg Initiative are among nan investors who didn’t participate successful Byju’s caller $200 cardinal authorities issue. The investors person alternatively sought, utilizing ineligible means, to region Raveendran and his family from nan startup and to invalidate nan authorities issue.

This is simply a processing story. More to follow.