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These investors have asked the company to file its audited financials for the year ended March 31, 2023, at the earliest. In addition, they want founder Byju Raveendran to loosen his day-to-day control over operations at the firm, the sources added.
Top shareholders at Byjus have demanded the company meet certain conditions before they consider any future capital infusion into the beleaguered edtech firm that is battling a deepening fund crunch, people in the know of the matter said.
Edtech platform Great Learning has observed fresher enrolment from smaller towns like Madurai, Nagpur, Visakhapatnam, Coimbatore, Lucknow, Indore, Jodhpur, Mysuru, Guwahati and Bhubaneswar surge to 42-44% of the total in 2023 compared with 30-32% a couple of years ago.
Top shareholders at BYJU'S have demanded that the company meet certain conditions before they consider any future capital infusion.
The APRs were with respect to duly compliant overseas direct investment (ODI) of about Rs 8,000 crore that arose from the delayed statutory audit of the financial year ended March 2022 (FY22), it added in the statement.