Arjun Mohan, a member of the founding team who most recently served as the Chief Business Officer, has rejoined the company after a stint at Ronnie Screwvala-led UpGrad
Bengaluru, NFAPost: Byju’s has made Arjun Mohan the chief executive officer (CEO) of its India business, replacing Mrinal Mohit as the struggling edtech firm battles lenders, challenges in raising fresh capital, and a markdown in its valuation, Business Standard reported.
Mohan, who was once the company’s chief business officer, returned to spend the last three months working with founder and group CEO Byju Raveendran. While away from Byju’s, Mohan worked at Ronnie Screwvala-led edtech firm UpGrad.
Byju’s founder and group CEO Byju Raveendran made it very clear that if Byju’s has reached the remarkable heights it stands at today, it is due to the extraordinary efforts of founding team.
“Arjun’s (Mohan) return is a testament to his belief in our mission and the unparalleled opportunities that lie ahead. His expertise will undoubtedly help our turnaround efforts and strengthen our position in the global EdTech landscape,” said Byju’s founder and group CEO Byju Raveendran.
Mohan said Raveendran’s dedication to education matched his passion. “It was no surprise that I joined him to revolutionise education more than a decade ago,” said Mohan.
“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.
Mohit, the outgoing CEO of India business at Byju’s, is leaving to pursue personal aspirations. “Mrinal’s (Mohit) contributions have left an indelible mark on our organization, and we bid him a bittersweet farewell. I am immensely proud of what we have achieved together,” said Raveendran.
Three senior Byju’s executives resigned earlier, it was reported in August. They were Prathyusha Agarwal, chief business officer of Byju’s; Himanshu Bajaj, business head of tuition centres, and Mukut Deepak, business head for Class 4 to 10.
Byju’s said this week it will clear the full and final settlement dues of laid-off employees soon amid “difficult business restructuring”.
Early this year, Byju’s laid off about 1,000 employees. Sources in the company said the move was part of the “optimisation” strategy that the edtech firm had announced last year, which included sacking 2,500 workers.
Byju’s has decided to put two of its key assets — Epic and Great Learning — on the block to generate $800 million to $1 billion in cash, with an aim to meet the edtech firm’s various commitments, including repaying the entire $1.2 billion term loan B (TLB) within six months, according to sources.
The cash-strapped company has proposed repaying $300 million of the $1.2 billion loan in the next three months, depending on whether the lenders accept Byju’s amendment proposal, said people familiar with the development.
