Ajay Goel joins Byju’s as new CFO to boost financial performance
- ByStartupStory | April 4, 2023
Byju’s, the leading edtech company, has named Ajay Goel as its new Chief Financial Officer (CFO) to enhance its financial operations, long-term business strategies, and path to profitability. As a seasoned global finance professional, Goel’s appointment is set to strengthen the company’s overall financial performance.
In his new role as CFO of Byju’s, Ajay Goel will take charge of financial strategy and management. Working closely with the founders and senior leadership, he will be responsible for developing strategies, capital planning, and financial analysis. With more than 20 years of experience, Goel brings a successful track record of delivering strong financial and operational outcomes to companies such as Diageo, Vedanta, GE, Coca-Cola, and Nestle. Byju’s anticipates that Goel’s appointment will bolster the company’s financial performance.
Ajay Goel has recently resigned from his position as acting Chief Financial Officer (CFO) at Vedanta Ltd, a conglomerate led by billionaire Anil Agarwal. However, he has been appointed as the new CFO of Byju’s, as per the company’s founder and CEO, Byju Raveendran. Given Goel’s extensive experience and diverse skill-set, Raveendran believes that he is the perfect candidate to drive sustainable growth and create value for the stakeholders of Byju’s. Goel’s strategic thinking and financial expertise are expected to be instrumental in fulfilling the company’s long-term business goals.
Byju’s, the Bengaluru-based edtech decacorn, has witnessed a sharp drop in its valuation from $22 billion to $11.5 billion. According to reports, the US-based asset manager BlackRock has reduced the valuation of Byju’s by almost 50%. This development coincides with Byju’s latest financial report, which shows losses of Rs 4,588 crore in FY21, which is 19 times more than the previous year. Despite these challenges, Byju’s had aimed to achieve profitability by March this year. These developments highlight the need for the company to strengthen its financial operations and long-term business strategies, which is where the new CFO Ajay Goel is expected to play a crucial role.
Byju’s, the edtech giant, has been asked by the Ministry of Corporate Affairs to provide an explanation for not filing its audited financials for the year ending March 2021, and for a seventeen-month delay in filing its accounts. Recently, the company also requested more time from its lenders to renegotiate an agreement governing a $1.2 billion loan that is in breach of covenants. As per the sources, Byju’s agreed to certain terms set by the lenders, which included hiring a CFO, providing monthly business updates, and increasing the interest rate on the loan. These developments highlight the need for Byju’s to improve its financial operations and management to address its ongoing financial challenges.
Goel is an expert in a range of domains, including team building, board and audit committee management, strategic finance, business partnership, decision support, M&A leadership, capital restructuring and funding strategy, and taxation. Byju’s acknowledged that Goel’s vast expertise and proficiency in these fields would be a valuable asset to the leadership team.
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