International audit agency Deloitte has resigned because the auditor of Byju’s and didn’t undertake the auditing of the edtech behemoth’s financials for the 12 months ending March 2022, it stated Thursday, a 12 months after the Indian startup’s tardy monetary disclosures attracted international scrutiny.
Byju’s in a press release termed Deloitte’s resignation as “deliberate transition” and stated it had appointed BDO (MSKA & Associates) as its statutory auditors.
The Bengaluru-headquartered startup additionally refuted a report that stated three of its key board members had resigned from their roles.
GV Ravishankar of Peak XV Companions (previously referred to as Sequoia India and Southeast Asia), Vivian Wu of Chan Zuckerberg Initiative, and Russell Dreisenstock of Prosus have stepped down from the board, Indian newspaper Financial Instances reported Thursday.
Byju’s stated: “A current media report suggesting the resignations of board members from Byju’s is solely speculative. Byju’s firmly denies these claims and urges media publications to chorus from spreading unverified data or partaking in baseless hypothesis.”
Byju’s co-founders — Byju Raveendran and Divya Gokulnath — and Riju Raveendran additionally sit on the startup’s board.
The startup, the world’s most dear schooling know-how firm, is grappling with a sequence of challenges. Byju’s refused to make a $40 million cost earlier this month and counter-sued its lenders. Byju’s stated its lenders have been working in “bad-faith negotiating ways.” Lenders allege that Byju’s has technically defaulted on the mortgage.
The startup can be reducing about 1,000 jobs because it pushes to enhance its funds.