Byju’s, India’s leading edtech company, has announced a significant leadership change as it appoints Arjun Mohan as the new CEO for its India operations. Arjun Mohan, who previously served as the Chief Business Officer at Byju’s before taking on the role of CEO at upGrad in 2020, rejoined Byju’s in July to lead its international business. His appointment comes as the company grapples with governance issues, fundraising challenges, and a series of high-level executive resignations.
Mrinal Mohit, who has been an integral part of Byju’s since its inception, will step down from his role as CEO for personal reasons. This transition follows months of speculation regarding Mrinal Mohit’s potential departure, which coincided with the company’s ongoing restructuring efforts to address its financial concerns.
Byju’s has recently witnessed a series of high-profile executive departures, including Chief Business Officer Prathyusha Agarwal, WhiteHat Jr’s CEO Ananya Tripathi, and the head of international business, Cherian Thomas, as part of its broader restructuring strategy.
The edtech giant is currently navigating a challenging phase marked by governance issues, fundraising hurdles, and the need for debt repayment. Byju’s has initiated a business restructuring process, aiming to divest two of its key assets, Great Learning (a higher education platform) and Epic (a digital reading platform for children), to generate immediate funds. These funds will be used to fulfill the repayment obligations associated with a $1.2 billion Term Loan B obtained from a group of US-based creditors.
Byju’s founder and Group CEO Byju Raveendran expressed his appreciation for Mrinal Mohit’s contributions to the organization and bid him a bittersweet farewell, highlighting his significant impact on the company.
Arjun Mohan’s return to Byju’s reflects his belief in the company’s mission and its potential to redefine education in an increasingly personalized and technology-driven world. He envisions contributing to Byju’s turnaround efforts and reinforcing the company’s position in the global edtech landscape.
Amidst ongoing challenges, Byju’s is actively engaging with potential suitors to sell its aforementioned assets while also seeking fresh equity funding to address its financial obligations. The company recently presented a repayment proposal to its lenders, offering to repay the entire term loan in less than six months, signaling its commitment to addressing its financial challenges.
