Byju's Sets Up Advisory Council With Rajnish Kumar, Mohandas Pai As Members
The appointments come as Byju's grapples with the resignation of auditor Deloitte and three board members.
Byju's has set up an advisory council with Rajnish Kumar and TV Mohandas Pai as members, even as the embattled startup seeks to address concerns of financial and corporate misgovernance.
Kumar is currently the chairperson of BharatPe and a former chairperson of the State Bank of India, while Pai is the former chief financial officer of Infosys Ltd. and also heads his own private equity fund, Aarin Capital. Pai was also one of the early investors at Byju's.
"This council will play a pivotal role in advising and mentoring Byju's Board and its CEO, Byju Raveendran, on crucial matters that shape the company's future," it said in a release on Thursday.
Byju's said the appointment aimed at "enhancing its financial governance mechanisms and leveraging expert advice to drive sustainable growth and strategic decision-making".
"My discussions with Byju and (co-founder) Divya (Gokulnath) convinced me that they are dedicating sincere efforts to steer a course correction of the company's governance structure," Kumar said.
The appointment of industry veterans as advisors to Byju's comes as the edtech startup grapples with the resignation of its statutory auditor, Deloitte, and three board members that represented key investors in the company. Byju's is also in the middle of a legal battle with its lenders over the $1.2-billion Term Loan B.
The edtech firm has had a turbulent 12 months with valuation cuts by prominent investors, searches by the Enforcement Directorate, layoffs, delayed financial results, and funding stuck in limbo.
