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

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

Byju Raveendran, the founding father of embattling edtech group Byju’s, has made a last-ditch try to 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 mentioned the startup’s board is contemplating to make the buyers a suggestion to say the renounced shares in a manner that stops dilution to their present Byju’s holdings.

Raveendran additionally knowledgeable the shareholders that the startup has already acquired over 50% votes required to extend the approved share capital within the startup to take into impact the not too long ago raised $200 million by way of a rights problem.

Prosus Ventures, Peak XV Companions and Chan Zuckerberg Initiative are among the many buyers who didn’t take part in Byju’s latest $200 million rights problem. The buyers have as an alternative sought, utilizing authorized means, to take away Raveendran and his household from the startup and to invalidate the rights problem.

“I’ve at all times constructed Byju’s with a spirit of equality and fairness, and it has by no means been my intention to depart any investor behind, no matter their shareholding measurement,” 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 at all times been my conviction that we’ll overcome our challenges collectively.”

This can be a creating story. Extra to comply with.

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