Edtech giant Byju’s has announced changes in its finance leadership, with CFO Ajay Goel returning to his previous firm, Vedanta. To fill the void, Byju’s has appointed Pradip Kanakia, an industry veteran with leadership experience at Price Waterhouse and KPMG, as the senior advisor. Additionally, Nitin Golani, currently serving as President-Finance, will take on the role of India CFO.
Ajay Goel’s departure coincides with a crucial period for Byju’s, as the company is yet to file its financial results for FY22. Byju’s founders, Byju Raveendran and Divya Gokulnath, expressed confidence in the new leadership team, citing their experience and insights in business and finance.
Nitin Golani, the incoming India CFO, played a significant role in Byju’s $1 billion acquisition of Aakash Education in 2021. He had previously served as the Chief Strategy Officer at Aakash Education and moved into an operating role post-acquisition.
The founders thanked Ajay Goel for his contributions during his tenure as CFO and wished him well in his future endeavors. Golani expressed commitment to ensuring Byju’s growth is robust and sustainable while maximizing shareholder value by optimizing financial performance.
Byju’s is yet to file its FY22 results with the Ministry of Corporate Affairs (MCA). Private companies are required to file their annual results by September of the following year as part of regulatory compliance. Byju’s had faced delays in filing its FY21 results, reporting significant losses of Rs 4,588 crore after an 18-month delay.
The leadership changes come as Byju’s continues its efforts for turnaround, and the founders are optimistic about the new team’s contributions to the ongoing initiatives.
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