A group of Byjus investors led by Dutch investor Prosus is seeking to block a $200 million rights issue and the removal of founder Byju Raveendran as CEO of the edtech firm.
Byju Raveendran, the founder and CEO of the company has taken on more personal debt to make payroll for the month of March, a source told Moneycontrol.
Byju’s has already initiated layoffs on phone calls, letting go about 100 to 500 employees without putting them on a performance improvement plan (PIP) or having them serve a notice period