Byju Raveendran, founder of the eponymous edtech start-up, said the $200 million rights issue of the company has been fully subscribed.

Think and Learn Pvt Ltd, Byju’s parent, had launched the issue at a post-money valuation of less than $250 million, which was far below its peak of $22 billion in March 2022.

Byju’s founder urged shareholders to join him in a “renewed mission” to reinvigorate the company.

The success of the rights issue and Raveendran’s appeal comes at a time when a powerful group of institutional shareholders, who collectively hold around 30 per cent in the company, have called an extraordinary general meeting on Friday to oust the founder and his family members from the board for mismanagement.

Byju’s had floated the rights issue to raise funds to back stop efforts to achieve operational sustainability.

In a letter to shareholders, Raveendran had said the capital raising would provide the company with the necessary resources to rebuild and scale up operations.

“Our rights issue is fully subscribed and my gratitude to my shareholders remains strong. But my benchmark of success is the participation of all shareholders in the rights issue. We have built this company together and I want us all to participate in this renewed mission.

“Your initial investment laid the foundation for our journey and this rights issue will help preserve and build greater value for all shareholders,” Raveendran said in his latest letter to shareholders.

Raveendran said the rights issue “will not strain shareholders, but will be of immense value to the company’’.

“I have personally put in $1.1 billion in the company over the last two years to pay salaries and maintain operations. I view this not as an obligation but as my dharma and duty,” he wrote.