Edtech company BYJU'S has appointed Jiny Thattil as its new Chief Technology Officer (CTO) following the departure of Anil Goel. Thattil, who previously served as Senior Vice President of Engineering at BYJU's, joined the company in 2020 and has played a key role in the integration of various company subsidiaries. His appointment is part of BYJU's ongoing strategic restructuring and reorientation of its leadership team to enhance operational efficiency. The company expressed gratitude to Goel for his work and dedication to driving technological innovation at BYJU's.
However, this appointment comes at a time when BYJU's is facing troubles on multiple fronts. The Enforcement Directorate (ED) has sent a show cause notice to BYJU's and its founder, Byju Raveendran, in a FEMA violation case amounting to ₹9,362.35 crore. The ED alleges that the company and its founder have contravened the provisions of FEMA by failing to submit necessary documents and realise the proceeds of exports made outside India.
Additionally, BYJU's has recently laid off thousands of employees and delayed full and final settlements for laid-off employees. The company has also put its upskilling platform Great Learning and book reading platform Epic up for sale, which is expected to yield around $1 billion. However, BYJU's has resolved its issue with Davidson Kempner, a US hedge fund linked to covenants on BYJU's subsidiary Aakash, with Manipal Group chairman Ranjan Pai buying out the debt investment in a Rs 1,400-crore deal.
Despite these challenges, BYJU's remains a highly valued startup in India, having raised $800 million in a funding round in March at a valuation of $22 billion. The company continues to focus on rebuilding for greater efficiency and sustainability under the leadership of its new CTO, Jiny Thattil.
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