Byju’s announced on Monday that founder Byju Raveendran will now see to the day-to-day operations of the edtech firm. The development comes after CEO Arjun Mohan resigned from the edtech start-up.
The company said that as part of a major restructuring process, Byju’s is consolidating its businesses into three divisions primarily, namely, The Learning App, Online Classes and Tuition Centres, and Test-prep. The firm issued an official statement and said that Raveendran will now take over the daily operations of the edtech and be more hands-on in his approach to the firm.
“This new structure will enable each vertical to be nimbler, cost-efficient, and better equipped to capitalize on market opportunities while leveraging the power of the BYJU'S brand and ecosystem. Each of these units will have separate leaders who will independently run the businesses sustainably to ensure profitability,” the company stated.
Mohan will now take over the role of an external advisor for the company. He was appointed to steer the firm ahead about 10 months earlier. Before joining Byju’s, Mohan was working as the CEO of upGrad.
“Arjun has done an outstanding job steering BYJU'S through a challenging period. We are grateful for his leadership and look forward to his continued contributions as a strategic advisor,” founder and Group CEO Raveendran said.
The firm stressed that the reorganisation will mean that Raveendran will be at the forefront of the edtech after focusing majorly on ‘strategic aspects such as raising capital and driving global expansion’ for the last four years. “However, recognizing the need for strong leadership during this challenging hour, he will now be deeply involved in the company's day-to-day functioning, leveraging his expertise to steer BYJU'S towards its next phase of growth and innovation,” the firm said.
“This reorganisation marks the start of BYJU'S 3.0 - a leaner and more agile organization ready to quickly adapt to evolving market dynamics, especially in the realm of hyper-personalized education. By focusing on our core strengths with three specialized business units, we will unlock new growth opportunities while continuing to focus on profitability,” Raveendran added.