Troubled edtech firm Byju’s on Sunday said its two advisory board members, Rajnish Kumar and Mohandas Pai have decided not to renew their contract this year. The contract is slated to expire at the end of June.
The development comes at a time when the company is embroiled in several legal battles with investors. As a result it has not been able to access $200 million raised through rights issue in February.
“Our engagement with the company as advisors was always on a fixed term basis for a year. 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. We wish the founders and the company the very best for the future,” Kumar and Pai said in a joint statement.
The company, in a statement said it values the engagement with the advisors and greatly appreciates all their efforts in navigating the company through turbulent times.
Byju’s had roped in Pai and Kumar as its advisory board members in July last year, to provide advice and guidance to the CEO Byju Raveendran on crucial matters.
“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.
Last month, Arjun Mohan, the company’s CEO for India operations, left the company. He was appointed to the role in September 2023. Currently, Raveendran is looking after the firm’s day-to-day functioning.