Edtech firm Byju’s on Thursday announced that Rajnish Kumar and T V Mohandas Pai have joined its newly constituted Advisory Council. Both will advise and mentor the company’s board and its CEO Byju Raveendran.
Pai is the former CFO and board member of IT company Infosys while Kumar served as the chairperson of the State Bank of India. The council will pass on insight on corporate governance, strategy, and other key issues. It’s worth noting that Kumar also sits on the board of BharatPe which faced an intense fight between the company’s beleaguered co-founder Ashneer Grover and its board.
It’s worth highlighting that Pai is one of the early backers of Byju’s via Aarin Capital.
According to experts tracking Byju’s, the move appears to be prompted by a series of troubles such as the resignation of board members and auditors due to delay in disclosing financial numbers for FY22. It has also faced issues ranging from haircut in valuation, loan default, and investigations by the Ministry of Corporate Affairs (MCA) and Enforcement Directorate (ED).
Byju’s had first announced the decision to set up a board advisory committee at its recently held extraordinary general meeting (EGM). This morning, the edtech firm appointed Arjun Mohan, the former chief executive officer of upGrad, as Byju’s new CEO for the international business.