Edtech major Byju’s has appointed Arjun Mohan as the CEO of its India business, replacing Mrinal Mohit as it looks to streamline operations while grappling with financial and operational issues.
Mrinal Mohit is leaving the company for personal aspirations, said Byju’s in a statement. He has been leading the edtech major India operations since May last year.
This comes at a time when the company is reorganising its businesses in India and grappling with delays in filing its financial results.
“Arjun’s return is a testament to his belief in our mission and the unparalleled opportunities that lie ahead. His expertise will undoubtedly help our turnaround efforts and strengthen our position in the global edtech landscape,” Byju Raveendran, CEO, said in a statement.
He previously served as Byju’s Chief Business Officer and quit the firm in 2020 to join Ronnie Screwvala’s upskilling unicorn upGrad as its CEO.
While Mohit was a part of the founding team, he has spent nearly a decade in the company.
“If Byju’s has reached the remarkable heights it stands at today, it is due to the extraordinary efforts of our founding team. Mrinal’s contributions have left an indelible mark on our organization, and we bid him a bittersweet farewell. I am immensely proud of what we have achieved together,” said Byju Raveendran.
Recently, Byju’s has put two of its assets Epic and Great Learning on the chopping block to generate about $750-800 million, as the company looks to repay the $1.2-billion Term Loan B, reported businessline.
The company took a $1.2-billion Term Loan B for five years with a yield to maturity (YTM) of 6.78 per cent in November 2021. It had skipped its $40-million loan repayment on June 5 of this year and later sued its lenders, alleging predatory tactics.