Byju Raveendran, the CEO, and founder of Byju’s, a prominent edtech company, along with approximately 51 investors, are collectively held accountable for the downturn of the company, as indicated by serial entrepreneur and investor Ronnie Screwvala.
Screwvala criticized the investors for prioritizing inquiries about secondary investments over fundamental issues like the absence of a CFO during board meetings. He emphasized that the failings of a few should not tarnish the entire education technology sector in India.
Screwvala, known for his outspoken stance against Byju’s, made these remarks at a summit in Gurugram. His comments come at a time when the Indian edtech industry is facing challenges due to reduced investments and the decline of Byju’s, its most valued player.
Screwvala, who heads the higher learning startup UpGrad, has been vocal about the issues within Byju’s. He recently expressed support for the decision of major shareholders of Byju’s to call for a meeting to replace the current management and revamp the board.
Byju’s investors, including General Atlantic, Sofina, Peak XV Partners, and Prosus, are among notable names in the investment landscape. Screwvala stressed the importance of active engagement from board members and investors to protect their investments, urging them to ask pertinent questions and fulfill their fiduciary duties.
This call-to-action echoes sentiments expressed by Michael Moe, co-founder and CEO of GSV, who highlighted the need for a reevaluation of investor and board responsibilities in light of Byju’s recent setbacks.