Just in : Major Change Expected in Byju's leadership

As informed earlier but many here said it's fake news.

- BYJU'S founder and CEO Byju Raveendran claims the company is on the brink of reversing its negative business cycle and launching BYJU'S 3.0, an AI-driven educational platform. - Raveendran stated that the founders have infused approximately INR 7,500 Cr into the company over the past 29 months to meet operational needs. - The company has failed to clear July 2024 salaries, with Raveendran blaming lenders and promising prompt payment once control is regained. - Despite financial challenges, BYJU'S remains the largest edtech platform globally with 150 Mn monthly users, transitioning to a sustainable business model. - Raveendran addressed ongoing legal battles with US-based lenders and denied any personal investigation by the Directorate of Enforcement. Source: [Inc42](https://inc42.com/buzz/byjus-on-the-verge-of-a-turnaround-investors-ready-to-back-the-company-byju-raveendran/)

- Byju's auditor BDO (MSKA & Associates) has resigned, citing lack of transparency and pending legal issues. - The resignation letter highlighted inadequate support from Byju's management in providing necessary audit information. - Byju's co-founder Byju Raveendran called the resignation a blackmail tactic, claiming compliance with all auditor requests. - BDO requested a forensic audit after Byju's admitted insolvency in July and mentioned loss of control over some subsidiaries. - This marks the second auditor resignation in 15 months, following Deloitte's exit last year over delayed financial statements. Source: [Entrackr](https://entrackr.com/2024/09/byjus-auditor-resigns-over-lack-of-transparency-founder-cries-foul/)

Arjun Mohan will be Byjus new CEO

I hear tales about how at their peak, BYJU's used to deal with investors. They would not share financials. If you wanted to invest, they'd ask you to come down to office, and only for that time, see whatever you want to see. Investors obliged. It was the shining star of Edtech India, nobody wanted to miss out. Now those same investors are ousting the founder, fair enough. But I hope enough people look back and realize they created the problem. They allowed it to exist.