At last, someone noticed Ronnie Screwvala, the founder of Grad, responds as calls to remove Byju Raveendran grow.

In response to a LiveMint article stating that Byju's shareholders are attempting to remove the company's founders, notably Byju Raveendran, co-founder of the ed-tech platform upGrad, Ronnie Screwvala said.Screwvala posted on the X platform, "Finally someone smelt the coffee". In order to support "India as an investment destination" and the legitimacy of the "otherwise sunrise and sunshine sector," he hoped that the shareholders will stick with the plan and see it through to completion.According to a Livemint story published on Thursday, a faction of shareholders in the struggling ed-tech startup Byju's has demanded a management transition that would involve the dismissal of Byju Raveendran, the company's chief executive and co-founder.Prosus Ventures, Peak XV, Chan Zuckerberg Initiative, General Atlantic, and other investors signed a notice requesting an extraordinary general meeting (EGM) and proposing a reorganization of the company's board.In the best interests of the business and its shareholders, the investment consortium said that they were sending out EGM notices. The shareholders released a statement saying, "We are deeply concerned about the future stability of the company under its current leadership and with the current constitution of the Board.""Outstanding governance, financial mismanagement, and compliance issues; the reconstitution of the Board of Directors, so that it is no longer controlled by the founders... and a change in leadership of the company," the investors also stated in their request for a meeting.

Thanks to a spike in remote learning during the Covid-19 outbreak, Byju's was one of India's most successful firms, estimated at $22 billion in 2022. After nearly 22 months, Byju's finally released its financial statements, showing a growing operational loss of ₹6,679 crore in FY22, primarily as a result of losses experienced by subsidiaries White Hat Jr. and Osmo.Based on its regulatory filing, the company reported an operational loss (EBITDA) of ₹4,143 crore for the fiscal year 2021.From ₹4,564 crore in FY21 to ₹8,245 crore in FY22, the company's net losses grew. The largest asset manager in the world, BlackRock, has reduced Byju's suggested worth from $22 billion to roughly $1 billion. Following Byju's delay in releasing its financial results for the year ended March 31, 2022, Deloitte announced their resignation as the company's auditor. Aside from Peak XV, Prosus, and the Chan Zuckerberg Initiative, other board members left Byju's board last year.In addition, the business is being sued in the US over conditions and repayment of a loan. Byju's, meantime, is purportedly trying to raise $200 million at an enterprise valuation between $220 and $250 million through the issuance of equity rights."The board of Think and Learn Private Limited (TLPL) today launched the raising of funds $200 million by way of a rights issue to all its equity shareholders to support its ongoing efforts to drive growth and achieve operational sustainability," the business stated in a statement. The business stated that TLPL's planned rights issue is intended to support general corporate purposes and finance the company's ongoing capital expenditures.