BENGALURUE: Edtech company Byju’s has undertaken a restructuring of businesses and as part of it, three top executives have resigned from the firm. Byju’s confirmed the development. In a statement to this newspaper, a spokesperson from Byju’s said, “As Byju’s continues to chart its path to profitability and sustainable growth, we have undertaken a restructuring of businesses and verticals including the consolidation of four verticals into two key verticals - K-10 and Exam Prep.”
The spokesperson added, “At present, two very seasoned and senior leaders lead both verticals - Ramesh Karra leads the K-10 vertical, while Jitesh Shah leads the exam prep business. And as a part of this reorganisation of businesses, Mukut Deepak, Pratyusha Agarwal and Himanshu Bajaj will be moving on.”
This announcement comes at a time when Baron Capital nearly halves Byju’s fair value. Byju’s has been making significant changes in businesses.
Former head of HR at IT major Infosys Richard Lobo was recently roped in by the edtech firm. Former SBI chairman Rajnish Kumar and former chief financial officer of Infosys TV Mohandas Pai recently joined the company’s newly constituted Advisory Council, which is playing a keen role in advising and mentoring Byju’s Board and its CEO, Byju Raveendran, on crucial matters.
Three key investor board members stepped down in June and its auditor Deloitte Haskins & Sells, the biggest audit firm, exited in the same month due to the delay in the filing of FY22 financial results. The edtech firm has been witnessing a turbulent year since the beginning of 2022- layoffs, Enforcement Directorate searches, valuation cuts by investors and a legal battle with lenders over $1.2 billion term loan B (TLB).