The CFO of the biggest Ed-tech company in India, Ajay Goel has left the company after a stint of 6 months to join his former employer, Vedanta Resources. The company, Vedanta Resources is in the middle of a demerger talk which will divide the company into 6 different entities.
Byju’s previous CFO PV Rao quit the company back in December 2021 and 16 months later Ajay Goel was appointed the new CFO of the company. Before this, Goel was the deputy CFO of the mining company Vedanta Resources. Along with this Goel was also a part of Diageo, General Electrics, Coca-Cola and Nestle.
Citing the situation, Byju’s has made some appointments in the company’s financial functions by appointing Pradip Kanakia as the Senior Advisor and Nitin Golani, the current president of finance, as the new CFO. Byju’s is yet to file its financial reports for FY21-22 along with the details of the $1 billion acquisition of the coaching institute Aakash, for which the company had raised funds.
The new CFO, Nitin Golani previously was the Chief Strategy Officer at Aakash Education. Moreover, he played a crucial role in Byju’s 2021 acquisition of Aakash Education for $1 billion. After the acquisition, he moved into an operating role in Aakash.
Byju’s has been dealing with various problems since 2022 like accounting irregularities, a decline in the purchasing of online courses and mass layoffs. Now, at this crucial time, the CFO has left the company on its own. The future of Byju’s is still uncertain. It is expected to raise capital for Akaash Education to get it back on track.