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Two top investors in Byju<\/a>‘s confirmed on Friday that their representatives had resigned from the board of the once high-flying Indian startup, which has been battling pressure from lenders amid a steep drop in its valuation.<\/p>\n The resignations of GV Ravishankar of Peak XV Partners, earlier Sequoia Capital India, and Russell Dreisenstock of Prosus could exacerbate troubles at Byju’s, which was valued at $22 billion (nearly Rs. 1,80,350 crore) last year.<\/p>\n “We are committed to supporting the company for bringing on board an independent director in order to strengthen business processes and internal control mechanisms,” Peak XV Partners said in a statement to Reuters.<\/p>\n The confirmation of resignations comes after sources told Reuters that three Byju’s board members, including a representative from Chan Zuckerberg Initiative, had quit recently.<\/p>\n Chan Zuckerberg Initiative did not immediately respond to a request for comment.<\/p>\n News of their departure came on Thursday, the same day Deloitte disclosed it was resigning as the company’s auditor because Byju’s had delayed financial statements for 2021-22 and not provided documents, even after sending several letters to its board.<\/p>\n When Reuters asked Byju’s about the resignations earlier this week, the company said the information was “completely speculative” and firmly rejected those claims.<\/p>\n Sources told Reuters on Friday that Byju’s was asking its three global investors to reconsider their decision to quit its board.<\/p>\n \u00a9 Thomson Reuters 2023<\/em><\/p>\n