BYJU’s problems seem to have no end in sight. Next month, top investor TV Mohandas Pai and former chairman of SBI Rajnish Kumar will leave the advisory board of the ed-tech firm.
Rajnish Kumar was the chairman of the State Bank of India, Pai was the former CFO and board member of the IT giant Infosys. The two used to counsel and mentor Byju Raveendran, the CEO of the company, and the board of directors throughout their time there.
After the resignation of three important board members and the departure of Deloitte as its auditor, the edtech company named the two to its advisory council last year. Byju’s and the two leaders, however, have chosen together not to extend the contract, which expires on June 30, 2024.
Byju’s introduces a new sales approach that centres on counselling instead of traditional selling in order to address the various obstacles the company faces. Around the start of the school year, the company also decreased the price of its products.
Byju Raveendran, founder & CEO, said: “Rajnish Kumar and Mohandas Pai have provided invaluable support in the past year. The ongoing litigation’s by a few foreign investors have delayed our plans but their advice will be relied upon in the ongoing rebuild which I am personally leading,”.
