Byju’s: Arjun Mohan, the Chief Executive Officer of Byju’s India, has tendered his resignation after just seven months in the role. This development comes amidst the edtech company’s increasing challenges, including difficulties in repaying outstanding debt, employees’ salaries, and vendors’ dues.
Byju Raveendran, the founder of Byju’s, will now assume the position of heading Byju’s India
The company announced the leadership changes on Monday, stating that they were the result of an extensive seven-month operational review and cost optimization exercise led by outgoing CEO Arjun Mohan. Mohan will transition into an external advisory role within the company.
Byju’s India CEO Arjun Mohan Resigns Amid Mounting Struggles
Arjun Mohan, who previously served as the CEO of rival edtech firm UpGrad India and held the position of Byju’s Chief Business Officer, rejoined Byju’s in September last year, succeeding founding member Mrinal Mohit.
Following Mohan’s departure, Byju’s has outlined plans to streamline its operations by consolidating its businesses into three divisions, each to be led by separate leaders, with the aim of optimizing costs.
The three divisions include the learning app, online classes and tuition centers, and test prep. Byju Raveendran, who was previously overseeing the company’s fundraising and expansion efforts, will now take charge of its daily operations.
Byju’s recent struggles have also involved a dispute with shareholders, particularly key investors such as Prosus NV, General Atlantic, Sofina, and Peak XV Partners, backed by Tiger Global and Owl Ventures. These investors raised concerns about Byju’s $200-million rights issue, which was priced at a steep 99% discount to the company’s peak valuation of $22 billion.
This move was part of a series of resolutions aimed at addressing financial mismanagement, compliance, and governance issues at Byju’s.
Last month, the company extended an olive branch to investors who did not participate in the rights issue to prevent further dilution of their shareholding, after securing more than 50% of votes to increase its authorized share capital.
Keep watching our YouTube Channel ‘DNP INDIA’. Also, please subscribe and follow us on FACEBOOK
