Byju Raveendran, the founding father of embattling edtech group Byju’s, has made a last-ditch try and placate the Indian startup’s disgruntled buyers, informing them that the board is weighing a suggestion of renounced shares to stop dilution of their holdings.
In an e-mail to shareholders Friday morning, a replica of which TechCrunch has reviewed, Raveendran stated the startup’s board is contemplating to make the buyers a suggestion to assert the renounced shares in a approach that stops dilution to their present Byju’s holdings.
Raveendran additionally knowledgeable the shareholders that the startup has already obtained over 50% votes required to extend the licensed share capital within the startup to take into impact the lately raised $200 million through a rights concern.
Prosus Ventures, Peak XV Companions and Chan Zuckerberg Initiative are among the many buyers who didn’t take part in Byju’s current $200 million rights concern. The buyers have as a substitute sought, utilizing authorized means, to take away Raveendran and his household from the startup and to invalidate the rights concern.
“I’ve all the time constructed Byju’s with a spirit of equality and fairness, and it has by no means been my intention to go away any investor behind, no matter their shareholding dimension,” Raveendran wrote in Friday e-mail. “From the very inception of this firm, my imaginative and prescient has been to take everybody alongside, from one milestone to a different. And it has all the time been my conviction that we are going to overcome our challenges collectively.”
It is a growing story. Extra to observe.
