BYJU’S, a prominent edtech company, has appointed Arjun Mohan, former CEO of upGrad, as the CEO of its international business. Mohan, who left upGrad in December last year to explore new opportunities, previously served as the chief business officer at BYJU’S for 11 years.
BYJU’S Leadership Structure Remains Unchanged
Byju Raveendran will continue as the group CEO of BYJU’S, while Mrinal Mohit will retain his position as the head of the India business, according to news agency PTI. This ensures continuity in the leadership structure of the company.
BYJU’S Global Expansion and Acquisitions
BYJU’S operates in various international markets, including Singapore, the United States, and the Middle East. As part of its expansion strategy, the company’s subsidiary, Great Learning, acquired Singapore-based Northwest Executive Education last year in a stock and cash deal worth approximately $100 million.
Recent Challenges and Resignations
It has recently faced challenges and experienced multiple resignations. The company skipped a payment for its $1.2 billion term loan B and filed a lawsuit against one of its lenders in a US court. Additionally, three board members, GV Ravishankar from Peak VX Partners, Vivian Vu from Chan Zuckerberg Initiative, and Russell Dreisenstock from Prosus, resigned last month. Resignations from two board members of BYJU’S subsidiary Aakash Educational Services, Amit Khansaheb and Vishruta Kaul, were also reported.
Financial Performance and Scrutiny
BYJU’S reported a significant net loss of INR 4,588 crore in FY21, marking a 1,880% increase compared to the previous fiscal year. The company is yet to file its financial results for FY22. The delay in filing the financial statements has prompted the Ministry of Corporate Affairs to order an inspection of BYJU’S account books. The company has also undergone multiple rounds of layoffs, resulting in job losses for over 5,000 employees. In addition, the Enforcement Directorate recently conducted search and seizure operations at premises connected to edtech as part of its investigation into alleged violations of Foreign Exchange Management Act (FEMA) norms.
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