BYJU’S, the edtech giant, faces a leadership shift as its Group General Counsel, Roshan Thomas, steps down from his role.
Thomas, who served the company for over two years, announced his resignation on LinkedIn, citing careful consideration of various factors. His departure comes at a challenging time for BYJU’S, grappling with multiple legal issues, governance challenges, and shareholder demands for board revamp.
In his statement on LinkedIn, Thomas expressed gratitude for the opportunity to work with talented colleagues and professionals, emphasizing the learning experience gained while navigating challenging situations. The company has not yet responded to queries regarding Thomas’s resignation.
The announcement follows a recent lawsuit filed by Code.org, a US non-profit organization, against BYJU’S subsidiary WhiteHat Jr. The lawsuit alleges non-payment of required fees by WhiteHat Jr while continuing to use Code.org’s platform. The partnership between the two entities was established in 2022, with BYJU’S committing to pay $4 million over a four-year period for licensing Code.org’s coding education platform.
Amid shareholder demands for a board overhaul, BYJU’S CEO Byju Raveendran reportedly urged investors to inject $300 million into the edtech startup. Prominent investors in BYJU’S include Sumeru Ventures, Vitruvian Partners, BlackRock, Peak XV Partners, Chan Zuckerberg Initiative, Tencent, and Tiger Global.
On the legal front, BYJU’S faces additional challenges, including a show cause notice from the Enforcement Directorate (ED) for alleged violations of the Foreign Exchange Management Act (FEMA), 1999. The probe, initiated based on complaints related to foreign investments and business conduct, adds to the ongoing complexities faced by the edtech decacorn.