Byju’s ‘regularly disregarded’ former director’s advice, says Prosus

Prosus NV, an investor in Indian education technology startup Byju’s, said on Tuesday that managers of the ailing company had “regularly ignored tips” despite repeated efforts by the former manager of the Dutch-listed tech company.

Prosus, which this year lowered its valuation of Byju to $5.1 billion from $22 billion last year, said its director’s decision to step down from Byju’s board last month was mainly because he was “unable to fulfill his fiduciary duty to serve the long-term interests of the company and its stakeholders.”

Byju did not immediately respond to a request for comment.

The Indian startup has laid off thousands of employees this year while grappling with multiple legal and financial troubles.

Byju’s, once India’s most valuable startup, counts investors such as General Atlantic and BlackRock among its backers, but has seen auditor Deloitte and several investors’ board members resign in recent weeks.