Edtech major Byju's has announced the appointment of new leadership in its finance function as the company's chief financial officer (CFO) Ajay Goel will be heading back to his previous firm Vedanta.

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Byju's has appointed industry veteran Pradip Kanakia as the senior advisor. Kanakia has held leadership positions at Price Waterhouse and KPMG. The edtech giant has also appointed Nitin Golani, currently the President-Finance, to take charge as the India CFO.

Goel's departure comes at a crucial time for Byju's, as it is yet to file its financial results for FY22. "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," Goel said.

Byju's founders Byju Raveendran and Divya Gokulnath were confident about the new team, saying, "Their experience, understanding and insights on business and finance will help us in our ongoing turnaround efforts".

The founders thanked Goel for his contributions during his tenure as CFO. "We sincerely appreciate Ajay’s efforts and accomplishments in a short period. We wish him all the best in his future endeavours," the founders added.

Golani, who will take charge as India CFO, was previously the Chief Strategy Officer at Aakash Education. He played a crucial role in Byju’s $1 billion acquisition of Aakash in 2021 and moved into an operating role at Aakash post-acquisition, the edtech giant said.

"I am committed to ensuring that Byju’S growth is robust and sustainable. My endeavour now is to maximise shareholder value by optimising financial performance," Golani said.

Byju's is yet to file its FY22 results with the Ministry of Corporate Affairs (MCA). As regulatory compliance, private companies are required to file their annual results with the MCA by September of that year.

The edtech company had filed its FY21 results nearly 18 months after the financial year ended and reported massive losses of Rs 4,588 crore.

The Bengaluru-based startup had seen the filing of its audited results delayed for about 18 months as Deloitte’s audit arm had raised concerns over several contentious issues in the company’s accounts.

(Edited by : Akanksha Upadhyay)

First Published:Oct 24, 2023 11:14 AM IST