India’s most valuable startup said on Tuesday that three senior executives will leave Byju’s as part of a restructuring at the edtech group.
Mukut Dipak, who led work for Chapters 4-10; The Bengaluru-headquartered startup said Himanshu Bajaj, Head of Education Centers, and Pratyusha Agarwal, Chief Business Officer of Byju, are leaving the company.
Byju’s, which was valued at $22 billion in its latest funding round, said the departure of the executives is part of the education technology group’s corporate and vertical restructuring. As part of the restructuring process, Byju’s is consolidating four of its verticals into two divisions – K-10 and Exam Prep.
The decision coincides with Byju making major changes as it moves closer to securing new funding and the confidence of its backers. Byju’s is currently re-evaluating its agreements with lenders and at least one investor in an effort to improve its liabilities.
Deloitte and three key board members resigned from Byju recently, citing various concerns within the company. In a scathing statement last month, Prosus alleged that Byju’s reporting and governance structures were not developed “enough for a company of this size,” and that the Indian company had “ignored advice and recommendations” from a Prosus manager despite repeated attempts.
“At present, two veteran and senior leaders are leading both segments – Ramesh Kara is leading the K-10 vertical, while Jitesh Shah is leading the exam preparation work,” a Byju spokesperson said on Tuesday. The news was the departure of the executives first reported by Moneycontrol.
“We thank them for their contributions and wish them all the best in their future endeavours,” the company added.