Edtech giant, Byju's on Tuesday confirmed that it has merged four verticals into two, K-10 and exam preparation, as part of moves to restructure its mainstay business. The spokesperson added that the reorganization of businesses led to the resignation of three business heads—Mukut Deepak, Pratyusha Agarwal and Himanshu Bajaj. The statement was issued in response to media reports on Tuesday that said that the three executives had stepped down. According to the reports, the exits were not part of the company’s layoffs and were voluntary resignations.
According to the media reports, Byju's Chief Business Officer, Prathyusha Agarwal, and two other senior executives have resigned as the struggling ed-tech unicorn restructures its business and operations, a company spokesperson said on Tuesday.
The spokesperson said, "As BYJU'S continues to chart its path to profitability and sustainable growth, we have undertaken a restructuring of businesses and verticals including the consolidation of four verticals into two key verticals - K-10 and Exam Prep."
Deloitte, which was slated to audit Byju's until 2025, also quit due to "long-delayed" financial statements by the company, citing "significant impact" on its ability to perform audits according to necessary standards.
Reuters has reported that Byju's will file 2022 audited earnings by September and 2023 results by December. In early July it constituted an advisory council with investor Mohandas Pai and former State Bank of India chairman Rajnish Kumar to address corporate governance issues.
The Bengaluru-based startup’s mainstay business in India was divided across four main categories—K3 or Early Learn, 4th to 10th class levels, 11th and 12th class levels, and offline Byju’s Tuition Centres (BTC).
According to the ET Times, Bajaj, who was the business head of BTC, left the firm in July. Nishant Bhasin, chief business officer at BTC, who reported to Bajaj, also quit in June, the added.
