Byju’s, the prominent edtech giant, has made a significant move by appointing Arjun Mohan, the former CEO of upGrad, as the CEO of its international business. This development comes as Byju’s faces multiple challenges, according to sources familiar with the matter.
Arjun Mohan, who previously held the position of Byju’s chief business officer for over 11 years, joined upGrad in April 2020 during the first wave of the pandemic. However, he left upGrad in December last year to explore new opportunities.
In his new role, Mohan will be responsible for overseeing Byju’s operations in international markets, while Mrinal Mohit will continue to lead the company’s operations in India. Byju’s currently has entities in Singapore, the United States, and the Middle East, which collectively contributed over Rs 1,000 crore to the company’s revenue in fiscal year 2021 (2020-21). The financial results for fiscal year 2022 (2021-22) have not been filed yet. During the pandemic, Byju’s also made strategic acquisitions of edtech companies like Tynker and Epic in the United States to expand its presence in the country.
Both Byju’s and Mohit declined to comment on the matter at this time.
In May of last year, Moneycontrol exclusively reported that Byju Raveendran, the co-founder and managing director of Byju’s, would be stepping away from the company’s routine operations in India to focus more on its global businesses, particularly in the United States. Byju’s has long been considering an IPO in the US, either through a direct listing or a SPAC (special purpose acquisition vehicle).
However, the company has faced numerous challenges that have prevented it from moving forward with its US IPO plans. These challenges include accounting irregularities, disputes with lenders, the resignation of its auditor, and the departure of three key board members who were also investors. Currently, Byju’s, which is valued at $22 billion, has only three board members remaining: Byju Raveendran, his wife and co-founder Divya Gokulnath, and his brother Riju Ravindran.
In April, India’s Enforcement Directorate (ED), a financial probe agency, conducted searches at Byju’s offices under the provisions of the Foreign Exchange Management Act. Byju’s has maintained that it fully complies with the law.
To address these ongoing challenges and ensure effective governance, Byju’s recently established a board advisory committee. This committee will provide guidance and advice to the CEO on matters related to the composition of the board and the suitable governance structure for the company.
Byju’s continues to navigate through a series of obstacles as it strives to expand its global presence and overcome the hurdles it currently faces. The appointment of Arjun Mohan as the CEO of its international business reflects the company’s efforts to strengthen its leadership team and drive growth in international markets. With a renewed focus and strategic decisions, Byju’s aims to overcome its challenges and maintain its position as a leading player in the Ed-Tech industry.
