Troubled edtech giant Byju’s has elevated chief business officer Arjun Mohan as its new CEO for its India operations. Mohan, a key figure in the company’s founding team, is set to take over the reins from Mrinal Mohit, a founding partner and the outgoing head of India business.
Mrinal Mohit, who played a pivotal role in the company’s journey, is stepping down to pursue personal aspirations. He has been leading India operations since May last year, when Byju Raveendran, co-founder and CEO, had shifted his focus to international expansion.
Mohan, who recently re-joined the company, spent the last three months collaborating closely with Raveendran as head of the international business.
“It was no surprise that I joined him (Raveendran) to revolutionise education more than a decade ago. And it is no surprise either that I return to Byju’s today when technology is poised to play an even more important role in making education truly personalised. While challenges are aplenty, I am ready to play my role in helping Byju’s empower our current and future generations to thrive in a rapidly changing world,” said Mohan, who was CEO at UpGrad in his time away from Byju’s.
“Arjun’s return is a testament to his belief in our mission and the unparalleled opportunities that lie ahead. His expertise will undoubtedly help our Raveendran said.
Reflecting on Mrinal Mohit’s contributions, he added: “If Byju’s has reached the remarkable heights, it is due to the extraordinary efforts of our founding team. Mrinal’s contributions have left an indelible mark on our organisation, and we bid him a bittersweet farewell. I am immensely proud of what we have achieved together.”
Meanwhile, Mohit said, “Being part of the founding team at Byju’s has been an incredible journey, and I am grateful for the opportunity to have contributed to the transformation of education. As I embark on a new chapter in my career, I leave Byju’s in capable hands and carry with me the pride of what we have achieved as a team.”
In an email to employees announcing Mohan’s appointment, Raveendran looked to assert his confidence in the company’s ability to navigate out of the financial and legal crisis it finds itself in. “Rest assured, with the transition plan firmly in place, I have full confidence in our ability to sustain our regular operations and stay on course for continued growth.”
The company has committed to repay the entire disputed $1.2-billion loan to its term loan B lenders last week by selling some of its key assets. Two assets, Great Learning and Epic, have been put on sale, while other units like Osmo are being reviewed as options for sale. Meanwhile, it is also in talks with Abu Dhabi Investment Authority to raise fresh funds. However, the company is not expected to secure fresh funds untill it releases its long overdue financial results for FY22, which it has committed to release by end of September.