Entrepreneur and serial investor Ronnie Screwvala, who is the co-founder of online education platform upGrad, blamed Byju Raveendran and investors of BYJU'S for the predicament that the edtech giant is in.
Speaking at the ASU+GSV & Emeritus Summit in Gurugram, he defended the edtech ecosystem saying “one rotten apple” should not affect the entire sector.
“They (investors) felt that it was more important in board meetings to ask when is your next secondary versus ‘I don't see a CFO’ and so that one single aspect I don’t think is going to hold the whole education sector to ransom,” Moneycontrol quoted him as saying about the crisis at Byju's.
Screwvala had earlier welcomed the attempt by BYJU'S investors to oust the current management saying he hoped that they get it done. "Finally someone smelt the coffee!! Hope its not a whiff and then whimper but they will stay the course and get this done - for the whole eco system! For india as an investment destination! For just credibility overall of an otherwise sunrise and sunshine sector," he had tweeted.
“You need to be an active board member, you need to ask the right questions. Why would anyone stop asking questions after they put in $100 million to $4 billion? You have the right to do that," he was quoted as saying.
Screwvala claimed that it would have been a different story had the investors of BYJU'S raised the questions four years ago.