Byju's hires Ajay Goel as CFO amid myriad of problems

Byju's, an edtech company, has appointed Ajay Goel as its chief financial officer (CFO), as it aims to strengthen the company's financial operations and achieve profitability amid myriad of problems.

Goel, who has worked with companies like Vedanta, GE, Coca Cola and Nestle, will be responsible for overseeing financial strategy and management for Byju's.

Chief Financial Officer

"With his extensive experience and diverse skill-set, Goel is the ideal candidate to take on the role of Chief Financial Officer as we continue to chart the course of sustainable growth in this exciting new phase," said Byju Raveendran, Founder and CEO, Byju's.

On strategy development, capital planning, and financial analysis, Goel will collaborate closely with the company's founders and top leadership.

The company originally planned to attain group-level profitability by March 2023, but it has already passed that deadline.

BlackRock, Byju's investment firm

In a setback to Byju's, New York-based investment firm BlackRock last month reduced the valuation of edtech giant BYJU's from its $22 billion valuation that the company continues referencing to $11.15 billion in a private assessment.

"Byju's is India's most valued startup. If other investors follow BlackRock, it may translate into the first major downgrade of an Indian decacorn after Flipkart in 2016," according to a report in The Arc, citing the filings.

BlackRock had entered the edtech giant's cap table at a $12 billion valuation in 2020. Its stake is under 1 per cent.

WhiteHat Jr sinking

Byju's is in advanced stages to raise $250 million at a flat valuation, as it struggles to repay a $1.2 billion term loan and turn profitable in 2023.

The latest funding round is in "final stages of discussion and will be closed soon within a few weeks".

In an effort to streamline operations and reduce costs, the edtech firm is also closing down the coding platform WhiteHat Jr, which it purchased for $300 million.

With inputs from Agencies.