Raveendran Set To Take Over Daily Operations at Byju's Simultaneously, Mohan will now exit to an external advisory role, lending his deep edtech expertise to the company and its founders during this transformation phase.
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Byju Raveendran is all set to take over the daily operations at edtech platform. The move comes after its India CEO Arjun Mohan resigned from his position.
Simultaneously, Mohan will now exit to an external advisory role, lending his deep edtech expertise to the company and its founders during this transformation phase.
"Arjun has done an outstanding job steering BYJU'S through a challenging period. We are grateful for his leadership and look forward to his continued contributions as a strategic advisor," Byju Raveendran, Founder and Group CEO said.
Byju's is in urgent need of funds, and faces huge financial losses, a barrage of legal suits, and massive investor backlash. Its valuation has fallen below USD 1 billion (Rs 8,300 crore), and certain investors are pushing to oust Raveendran and members of his family from the company.
"This reorganisation marks the start of BYJU'S 3.0, a leaner and more agile organization ready to quickly adapt to evolving market dynamics, especially in the realm of hyper-personalized education," said Byju Raveendran, Founder and Group CEO.
Byju's also decided to streamline its operations and position the company "for long-term success". As part of this strategic shift, Byju's is consolidating its businesses into three focused divisions – The Learning App, Online Classes & Tuition Centres and Test-prep. "This new structure will enable each vertical to be nimbler, cost-efficient, and better equipped to capitalize on market opportunities while leveraging the power of the BYJU'S brand and ecosystem. Each of these units will have separate leaders who will independently run the businesses sustainably to ensure profitability," the company said.
At an extraordinary general meeting (EGM) in February, a group of investors passed resolutions for the removal of Raveendran, his wife Divya Gokulnath, and brother Riju Raveendran from the company's leadership. The validity of the resolutions is now before the Karnataka High Court. Despite laying off thousands of employees and making massive expenditure cuts over the past year, Byju's valuation has been in free fall, and the company has defaulted on loans taken from US lenders.
