EdTech firm BYJU'S has confirmed that the firm has undertaken a restructuring of businesses and as part of it, three top executives have resigned from the firm. In a statement to The New Indian Express, a spokesperson from BYJU'S said, "As BYJU'S continues to chart its path to profitability and sustainable growth, we have undertaken a restructuring of businesses and verticals including the consolidation of four verticals into two key verticals - K-10 and Exam Prep."
"At present, two very seasoned and senior leaders lead both verticals, Ramesh Karra leads the K-10 vertical, while Jitesh Shah leads the exam prep business. And as a part of this reorganisation of businesses, Mukut Deepak, Pratyusha Agarwal and Himanshu Bajaj will be moving on," the spokesperson added.
This announcement comes at a time when Baron Capital nearly halves BYJU'S fair value. BYJU'S has been making significant changes in businesses. The former head of HR (Human Resources) at IT (Information Technology) major Infosys Richard Lobo was recently roped in by the EdTech firm. Former SBI (State Bank of India) Chairman Rajnish Kumar and former CFO (Chief Financial Officer) of Infosys TV Mohandas Pai recently joined the company's newly constituted Advisory Council, which is playing a keen role in advising and mentoring BYJU'S Board and its CEO (Chief Executive Officer), Byju Raveendran, on crucial matters.
About three key investor board members stepped down in June and its auditor Deloitte Haskins & Sells, the biggest audit firm, exited in the same month due to the delay in the filing of FY22 financial results. The EdTech firm has been witnessing a turbulent year since the beginning of 2022 layoffs, Enforcement Directorate searches, valuation cuts by investors and a legal battle with lenders over $1.2 billion term loan B (TLB), as stated in a report by The New Indian Express.
