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In a dramatic turn of events, major shareholders of Byju’s, including Prosus NV and Peak XV Partners, voted on Friday to remove its founder as chief executive officer, intensifying a battle over the future of the once-thriving online tutoring startup.

 

Byju’s, founded in 2015 by Byju Raveendran, faced resolutions seeking his ousting from both the CEO position and the company’s board, which were ultimately rejected by Byju’s management.

 

A statement released by Byju’s on Friday dismissed the resolutions, labeling them as “invalid and ineffective.” Prosus declined to offer a comment on the matter, and Peak XV Partners did not immediately respond to requests for comment.

 

 The rejection of the resolutions underscores a growing dissatisfaction with Raveendran, a figure once lauded for his entrepreneurial expertise.

 

The extraordinary general meeting, which Raveendran boycotted, showcased the discord between the founder and influential investors.

 

During the meeting, characterized by a rowdy Zoom call, unidentified participants attempted to disrupt proceedings with loud noises, including whistles, as reported by two attendees who spoke on the condition of anonymity.

 

Byju’s, a pioneer in online education, finds itself embroiled in a restructuring conflict with its creditors after defaulting on a $1.2 billion loan, leading to the bankruptcy of one of its subsidiaries in the United States.