India chief executive officer (CEO) Mrinal Mohit has stepped down from his role in the company, marking another top-level exit from the troubled edtech firm as it faces a series of challenges. Arjun Mohan will take charge as the CEO of India operations.
Mohit, a founding partner at BYJU’S, is embarking on a new journey to pursue personal aspirations, the edtech company said in a statement.
“Being part of the founding team at BYJU’S has been an incredible journey, and I am grateful for the opportunity to have contributed to the transformation of education. As I embark on a new chapter in my career, I leave BYJU’S in capable hands and carry with me the pride of what we have achieved as a team,” Mohit noted.
The Bengaluru-based firm said that Mohan spent the last three months working closely with the founder and Group CEO Byju Raveendran.
Mohan, who was a part of the founding team, last served as the Chief Business Officer, and re-joined the edtech company in July as the CEO of its international business. He served as upGrad’s CEO while away from BYJU’S.
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In the last month, a number of senior-level executives have departed from the company, including, Cherian Thomas, Senior Vice President for international business at BYJU’S; Pratyusha Agarwal, BYJU’S Chief Business Officer; Himanshu Bajaj, Business Head of BYJU’S Tuition Centre; Mukut Deepak, Business Head of Classes 4-10 Online and Home Tuitions; and Ananya Tripathi, CEO of BYJU’S-owned WhiteHat Jr.
BYJU’S has been downsizing its workforce, both globally and domestically, to better navigate its path to profitability. Over the last 12 months, it has done several rounds of layoffs as part of its cost-cutting measures.
“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,” a BYJU’S spokesperson had said in a statement.
Earlier this month, its test prep subsidiary, Aakash Educational Services, established an executive council tasked with identifying and appointing new CEO and CFO.
Meanwhile, the company has been working towards repaying the debt associated with a $1.2 billion term loan B (TLB). It is also exploring the sale of two of its assets—Epic and Great Learning—to generate at least $800 million. The edtech company is also in discussions to secure equity investments from sovereign funds based in the Middle East.
With an equity raise and asset monetisation, BYJU’S could potentially repay the TLB and still have funds remaining, sources told YourStory.
The Bengaluru-based company is expected to complete its FY22 audit by the end of September.
Edited by Megha Reddy
