Mehrotra brings with him a wealth of experience, having served as the Managing Director at Ashirvad Pipes and held key positions at renowned companies such as Pearson India, Bharti Airtel, Coca-Cola, and Asian Paints.

Byju's held the EGM (extra-ordinary general meeting) to increase authorised share capital of the company to complete the process for raising USD 200 million through rights issue.

In a heartfelt letter addressed to the staff, Raveendran expressed his regret, stating that despite the successful closure of the rights issue initiated a month ago, the company remains incapable of processing employee salaries. "This was supposed to be a happy correspondence. After all, we now have funds to meet our short-term needs and clear our liabilities. However, I regret to inform you that we will still be unable to process your salaries," he conveyed.

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.

The transition from $22 billion valuation to navigating through financial strains and corporate upheavals has been a journey fraught with severe challenges.