Tech & Startups
Peak XV plans significant markdown of Byju’s
Peak XV told LPs that GV Ravishankar’s resignation from Byju’s board on June 6 was due to the fund’s dissatisfaction with the company’s management on issues including internal processes, governance and audit.
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Hello, happy hump day, but maybe not for Byju’s. Peak XV Partners, formerly Sequoia India, has told its investors that it will have to significantly mark down the value of its holding in Byju’s as it was in the dark about the company’s finances. This and more in today’s ETtech Morning Dispatch.
A lot is happening at Byju’s. Prosus, one of the company’s major investors, has cited poor corporate governance as the reason for the exit of its representative from Byju’s board last month. This and more in today’s ETtech Top 5.
The government is planning to do away with the concept of ‘continuous consent’ for applications and digital services by making it mandatory for companies to obtain consent every time. Currently, such firms obtain consent only initially when a user signs up for the service, and then they continue to process the data as required. This and more in today’s ETtech Morning Dispatch.
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There was also the widely shared - and debunked - video from 2022 in which Ukrainian president Volodymyr Zelensky appeared to tell Ukranians to "lay down arms".
