Byju’s, a major player in the field of edtech, has made significant announcements in its finance department. The company’s Chief Financial Officer (CFO), Ajay Goel, is set to return to his previous firm, Vedanta, marking a pivotal transition in Byju’s leadership. This development comes at a crucial juncture for the company, as it has yet to file its financial results for the fiscal year 2022.
Pradip Kanakia, an industry veteran with an impressive track record, has been appointed as a senior advisor at Byju’s. Kanakia has previously held leadership positions at Price Waterhouse and KPMG, and his wealth of experience is expected to bring valuable insights to Byju’s financial strategies.
Additionally, Byju’s has promoted Nitin Golani, who currently serves as the President-Finance, to the position of India CFO. This transition reflects the company’s commitment to nurturing and advancing talent from within its own ranks.
Ajay Goel, as he departs from Byju’s, expressed his gratitude for the support he received during his tenure. He mentioned, “I thank the founders and colleagues at Byju’s for helping me assemble the FY22 audit in three months. I appreciate the support received during a short but impactful stint at Byju’s.”
Founders Byju Raveendran and Divya Gokulnath have expressed their confidence in the newly appointed team. They stated, “Their experience, understanding, and insights on business and finance will help us in our ongoing turnaround efforts.” The founders also took a moment to thank Ajay Goel for his contributions during his tenure as CFO, wishing him success in his future endeavors.
Nitin Golani, who will now serve as India CFO, had previously held the role of Chief Strategy Officer at Aakash Education. His significant contribution to Byju’s came in the form of facilitating the company’s $1 billion acquisition of Aakash in 2021. Post-acquisition, Golani transitioned into an operational role at Aakash, further demonstrating his commitment to the company’s growth and sustainability. He articulated his goals, saying, “I am committed to ensuring that Byju’s growth is robust and sustainable. My endeavor now is to maximize shareholder value by optimizing financial performance.”
It’s worth noting that Byju’s is yet to file its FY22 results with the Ministry of Corporate Affairs (MCA), which is a regulatory compliance requirement for private companies. These annual results are typically expected to be submitted by September of the respective year.
The company’s FY21 results had seen significant delays, with filing occurring almost 18 months after the financial year ended. In that report, Byju’s reported substantial losses amounting to Rs 4,588 crore. Deloitte’s audit arm raised concerns about various contentious issues within the company’s accounts, leading to these delays.
As Byju’s navigates these leadership changes and financial reporting challenges, it remains a prominent figure in the world of edtech, continually evolving and adapting to ensure its continued growth and success.
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