Byju's has roped in upGrad's former CEO, Arjun Mohan as the CEO of its international business, in a significant development as the edtech giant fights a host of battles, people aware of the matter told Moneycontrol.
Mohan, who previously served as Byju's' chief business officer for over 11 years, joined upGrad in April 2020, during the first wave of the pandemic. He left upGrad in December last year to explore outside opportunities.
He will be responsible for running Byju's overseas operations, while Mrinal Mohit will head the company's India operations. Currently, Byju's has entities in Singapore, the United States, and the Middle East, which contributed over Rs 1,000 crore to the company's revenue in fiscal year 2021 (2020-21). Byju's has not yet filed its results for fiscal year 2022 (2021-22). During the pandemic years, Byju's also acquired edtech companies like Tynker and Epic in the United States to expand its presence in the country.
Byju's declined to comment. Mohit did not respond to calls by Moneycontrol.
In May last year, Moneycontrol exclusively reported that Byju Raveendran, the co-founder and managing director of Byju's, was stepping away from routine India operations to focus on global businesses, especially in the US. Byju's had long been eyeing an IPO in the US, either through a direct listing or a SPAC (special purpose acquisition vehicle).
However, the company has been unable to do so, as a number of problems have haunted the world's most valuable edtech firm since then. These problems include accounting irregularities, tensions with lenders, the resignation of its auditor, and the departure of three key investor board members. Byju's, which is valued at $22 billion, currently has only three board members: Byju Raveendran, his wife and co-founder Divya Gokulnath, and his brother Riju Ravindran.
Also read | Behind the scenes: What happened between Byju’s and board members?
In April, India's financial probe agency, the Enforcement Directorate (ED), searched Byju's offices under the provisions of the Foreign Exchange Management Act. The company, however, maintained that it was in full compliance with the law.
Last week, Byju's set up a board advisory committee to provide advice and guidance to the CEO on matters related to the composition of the board and the governance structure that is suitable for the company.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
