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Edtech major BYJU’S has reportedly appointed top Vedanta executive Ajay Goel as its acting Chief Financial Officer (CFO), more than a year after its former CFO PV Rao resigned.

Goel’s appointment comes 16 months after Rao quit the edtech firm, Moneycontrol reported. Goel was the Group Deputy CFO of Vedanta Resources.

YourStory has reached out to BYJU’S for a comment. This story will be updated with the company’s response.

Goel’s appointment as BYJU’S CFO comes just a few months after the edtech unicorn renegotiated conditions with its creditors. BYJU’S has received a $1.2 billion Term Loan B (TLB) from a group of investors in 2021. This was the biggest TLB being placed by an Indian startup at the time of the raise.

As part of renegotiating its debt financing arrangements, BYJU’S has offered to raise the interest rate on its $1.2 billion TLB.

The negotiation of a higher interest rate is the result of lenders recalling loans caused by a delay in furnishing audited financials for FY21, The Economic Times had reported. The revisions are also linked with the FY22 financials, which are yet to be filed with the Registrar of Companies. 

The FY21 financials were filed with regular accounting bodies in India after an 18-month delay. Also, the hazy timeline on the FY22 filings is raising questions among all stakeholders.

BJYU’S has been under pressure to improve its finances and is restricting new investments amid the current microeconomic conditions.

The startup, which was last valued at $22 billion, reported a loss of Rs 4,564.38 crore in FY21, bigger than its FY20 loss, which stood at Rs 305.5 crore.