New CFO: Byju’s Hires Ajay Goel To Boost Financial Performance

Byju’s is one of the most valuable ed-tech startups in the world, hired senior Vedanta executive Ajay Goel as its Chief Financial Officer more than a year after its former CFO quit (CFO). This is a big step for the company which has been delaying the release of its FY22 (2021–2022) earnings for more than six months.

Goel was chosen 16 months after Byju’s previous CFO – PV Rao (resigned in December 2021), according to people with knowledge of the incident. Goel held the position of group deputy chief financial officer at Vedanta Resources. Before joining Vedanta, Goel held positions with Diageo, GE (General Electric), Coca-Cola, and Nestle.

Byju’s verified the news in a statement to the media. The company claims that Goel will be in charge of overseeing Byju’s financial management and strategy. According to the company, Goel will work directly with the founders and senior executives to develop strategies, plan investments, and conduct financial analyses.

The Ministry of Corporate Affairs has not yet received the findings for Byju’s FY22 (MCA). To comply with legal obligations, private enterprises must submit their annual results to the MCA by September each year.

Byju’s announced its FY21 (2020-21) numbers and unveiled a startling fall in company revenue nearly 18 months after the fiscal year ended. The company’s losses grew dramatically during this time, reaching about Rs 4,500 billion.