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Byju’s, the embattled edtech giant, announced on Sunday that two of its senior advisory board members, Rajnish Kumar and Mohandas Pai, have chosen not to renew their contracts, which are set to expire on June 30. This development comes as the company faces multiple challenges, including delayed salaries due to a cash crunch.
Rajnish Kumar and Mohandas Pai have been instrumental in guiding Byju’s over the past year. In a statement, Byju Raveendran, Founder and CEO of Byju’s parent company Think & Learn, acknowledged their contributions. “Rajnish Kumar and Mohandas Pai have provided invaluable support in the past year. The ongoing litigation by a few foreign investors has delayed our plans, but their advice will be relied upon in the ongoing rebuild which I am personally leading,” Raveendran said.
Byju’s emphasized its appreciation for the advisory board members’ efforts in steering the company through challenging times. “Based on our discussions with the founders, it was mutually decided that the tenure of the advisory council should not be extended. Though the formal engagement concludes, the founders and the company can always approach us for any advice,” Kumar and Pai stated in a joint announcement.
The company’s struggles have intensified recently, with reports of delayed salaries and a need to address liquidity issues. Earlier this month, Raveendran urged staff to cease aggressive selling tactics and announced price cuts of up to 30 percent on various courses in an effort to adapt to the current market conditions.
As Byju’s navigates this period of turbulence, the departure of these key advisors marks a significant transition. The company will now rely on its internal leadership and any informal guidance from Kumar and Pai as it strives to stabilize and rebuild.
Sources By Agencies
