Byju's Board Exits: Peak XV's 'No Comment' On GV Ravishankar's Resignation Raises Questions

Private equity firm Peak XV Partners, formerly Sequoia Capital India, has neither denied nor confirmed reports that its partner GV Ravishankar has submitted his resignation from the board of Byju's parent Think & Learn Pvt.

"We have nothing to share at the moment," the PE firm's India spokesperson said in an emailed response to BQ Prime.

Media reports suggest that Ravishankar, and two other non-executive directors Vivian Wu of Chan Zuckerberg Initiative, and Russell Dreisenstock of Prosus, have resigned from the board.

While Byju's, in a statement to BQ Prime, denied the claims, the reports suggest the board of Think & Learn has not accepted the resignations.

Sequoia Capital India became an independent firm and rebranded itself as Peak XV Partners. It manages $9.2 billion in assets across nine funds. The firm, seen as a boardroom activist and has red-flagged many of the investee company for financial misappropriation over the last few years, has not commented even as Byju's witnessed valuation downgrades, a legal fight with overseas lenders over $1.2 billion debt it has defaulted on.

Byju's auditor Deloitte Haskins & Sells resigned on June 22 citing "long delayed" financial statements as troubles continue to mount for the edtech giant facing regulatory and lender pressure.

The auditor, appointed for five years through fiscal 2025, cited failure of the company and its promoter Byju Ravindran to communicate resolution of the audit report modifications, status of audit readiness of financial statements and underlying records for FY21. The auditor cited its inability to commence audit.

Think & Learn is yet to release the financials for FY22. The Ministry of Corporate Affairs has stipulated that unlisted firms file their statements within six months of the financial year closure.

The company has appointed BDO (MSKA & Associates) as the auditor for the holding company and its IPO-bound subsidiary Aakash. BDO is already the auditor for the group's other subsidiaries.