EdTech giant Byju’s has announced the appointment of Jiny Thattil, the senior vice president for engineering, as its new Chief Technology Officer (CTO). Thattil will take over from Anil Goel, who has served as the CTO for three years and is now leaving the company.
The move is part of Byju’s ongoing strategic restructuring and leadership team reorientation aimed at enhancing operational efficiency, according to a statement from the company. Jiny Thattil brings extensive experience from his previous roles at companies like Happay (owned by Cred), Amazon, InMobi, and GE Healthcare. He has also played a role in the post-acquisition integration of various subsidiaries of Byju’s.
Arjun Mohan, the India CEO of Byju’s, stated, “Thattil’s extensive experience and leadership skills make him the ideal candidate for this crucial role as we continue to rebuild for greater efficiency and sustainability.”
Recent Developments at Byju’s:
- Enforcement Directorate (ED) issued a show cause notice to Think and Learn Private Limited (Byju’s) and Byju Raveendran in connection with a Foreign Exchange Management Act (FEMA) violation case.
- Byju’s has delayed the full and final settlements of laid-off employees once again. The company had previously shifted the payment date from September to November.
- The resolution of a longstanding conflict with Davidson Kempner, related to covenants on Byju’s subsidiary Aakash. In November, Ranjan Pai, the chairman of Manipal Group, bought out the debt investment by the US Hedge Fund in a Rs 1,400-crore deal.
- In September, Byju’s submitted a proposal to its lenders, expressing its intention to fully repay its $1.2 billion term loan B within the next six months. The plan includes an initial payment of $300 million within the next three months.
- Byju’s is conducting a strategic review of its key assets to secure funds for loan repayment. As part of this effort, the upskilling platform Great Learning and the book reading platform Epic have been put up for sale, potentially yielding about $1 billion for the company.
Byju’s, founded over a decade ago by former teacher Raveendran, reached new heights in March 2022 after securing an $800 million funding round at a valuation of $22 billion, making it India’s most-valued startup. However, the company has faced challenges, including delayed financial results, the resignation of its auditor Deloitte, and the departure of three key board members.
