Edtech firm has named Jiny Thattil, who was serving as its Senior Vice President of Engineering, as its new Chief Technology Officer (CTO). Thattil will be replacing Anil Goel.
“[Thattil’s] extensive experience and leadership skills make him the ideal candidate for this crucial role as we continue to rebuild for greater efficiency and sustainability,” said Arjun Mohan, the India CEO of BYJU’S, in a statement.
Thattil’s appointment comes amid strategic restructuring at the edtech firm which includes changes in its leadership. BYJU’S has also seen several high-level exits in the recent past.
BYJU’S was recently in the news for an alleged Rs 9,362 crore Foreign Exchange Management Act (FEMA) violation. On November 21, Founder and Chief Executive Officer Byju Raveendran assured shareholders that the company was in compliance with FEMA.
“We want to assure you that BYJU’S has always been fully compliant with FEMA regulations,” Raveendran said in a note to shareholders, adding, “BYJU’S has maintained a cooperative stance with the ED throughout their inquiries. We have satisfactorily answered all their queries, both verbally and on record.”
Most recently, Ranjan Pai–the Chairman of Manipal Education and Medical Group—bought the Rs 1,400 crore debt in BYJU’S test preparation unit Aakash Educational Services Limited to help the edtech firm pay off a loan taken from US-based lender Davidson Kempner Capital Management.
Earlier this month, BYJU’S released specific financial figures related to its core business as part of the audited financial results for the fiscal year 2021-22 (FY22). In FY22, its core business earned a total income of Rs 3,569 crore, up from Rs 1,552 crore recorded in the previous year. Its EBITDA loss decreased to Rs 2,253 crore from Rs 2,406 crore in the previous financial year, according to a company statement.
Edited by Affirunisa Kankudti
