“The founder and investors caused Byju’s crisis.”

With a subtle allusion to Byju’s, edtech company UpGrad founder Ronnie Screwvala said, “One rotten apple in India does not darken the cloud.” He believes that this shouldn’t have an impact on the nation’s whole edtech industry.

“That one single aspect, I don’t think is going to hold the whole education sector to ransom,” he stated on Wednesday at an event in Gurugram. “It is a joint accountability of the founder and 51 investors who felt it was more important in a board meeting to ask, ‘When’s your next secondary?’ versus ‘I don’t see a CFO.'”

He argued that the industry has to adapt to modest living. The investor and serial entrepreneur has often criticized Byju’s. His remarks coincide with a request for an extraordinary general meeting (AGM) to rebuild the board made by the company’s largest shareholders. In response, he wrote on X, “At last, someone smelled the coffee!” I hope they don’t give up and then whine, but they’ll persevere and finish this for the sake of the whole ecosystem! For India as a location for investments! For the sake of general credibility in a sector that is otherwise bright and sunny.

The concerns, including a potential management change, will be discussed by shareholders during the EGM on Friday. Their vote may be in favor of reorganizing the current board. The parent company of Byju’s, Think & Learn, has previously said in response to the EGM that the shareholders’ agreement did not provide them the ability to vote on changes to the CEO or management.

According to Hero Vired’s CEO and founder, Akshay Munjal, edtech platforms are going through a major transition that will prioritize individualized learning experiences powered by AI and ML technology.