Another Key Exit At BYJU’S; Jiny Thattil Steps Up As CTO Anil Goel Resigns

Another Key Exit At BYJU’S, Anil Goel Resigns As CTO, Jiny Thattil Steps In

SUMMARY

In the latest development, edtech unicorn’s Group CTO and President of Technology, Anil Goel, is set to leave his position after nearly three years with the organisation

Goel joins the long list of key people who have left the edtech unicorn this year

The exit of Goel has paved the way for Jiny Thattil, who is now being elevated as the group CTO

The beleaguered edtech giant BYJU’S seems to be catching no break when it comes to grabbing the headlines. In the latest development, edtech unicorn’s Group CTO and President of Technology, Anil Goel, is set to leave his position after nearly three years with the organisation.

Goel’s exit has paved the way for Jiny Thattil, who is now being elevated as the group CTO. As per his LinkedIn profile, Thattil was the senior vice president at BYJU’S owned EPIC. It must be highlighted that BYJU’S is trying to sell EPIC for $400 Mn – $500 Mn in a bid to pay debt.

Prior to EPIC, Thattil had previously worked with marquee companies like Happay, Amazon, InMobi, GE Healthcare, among others.

Goel joins the long list of key people who have left the edtech unicorn this year.

His exit comes almost a month after Ajay Goel, BYJU’S group CFO, stepped down from his role within six months of joining the firm. Nitin Golani, the president – finance at BYJU’S, was later elevated to the India CFO role.

In September this year, BYJU’S also appointed Arjun Mohan as India CEO, replacing Mrinal Mohit, who has been a founding partner at BYJU’S.

The latest top-level rejig has come at a time when there’s mounting pressure on BYJU’S to release its FY22 audited financial statements with the Ministry of Corporate Affairs. Earlier this month, the startup disclosed selective numbers with the media regarding its financial performance in FY22.

BYJU’S, in a statement, said excluding all acquisitions, Think and Learn Private Ltd (TLPL) – the parent entity of BYJU’S – reported an EBITDA loss of INR 2,253 Cr in FY22 as against an EBITDA loss of INR 2,406 Cr in FY21. Total income stood at INR 3,569 Cr as against INR 1,552 Cr in FY21.

The country’s most valued edtech startup has been battling on multiple fronts since last year.

Recently, when it seemed to find some relief with Ranjan Pai, Chairman of Manipal Group, taking over the $250 Mn debt of its offline coaching division, Aakash Educational Services Limited (AESL), from Davidson Kempner, the situation took another turn. The Enforcement Directorate (ED) issued a show-cause notice to BYJU’S, alleging violations of the Foreign Exchange Management Act (FEMA) exceeding INR 9,000 Cr.