Byju's Elevates Arjun Mohan As India CEO Amidst 'Difficult Business Restructuring and Plenty Of Challenges': Reports
The rejig at top level came as Byju’s is mulling to sell at least two of its subsidiaries, Epic and Great Learning, to raise between $800 million and $1 billion, amid reports that the company has formulated a proposal to repay its outstanding $1.2 billion Term Loan B (TLB).
Bengaluru, September 20: Edtech major Byju’s on Wednesday elevated Arjun Mohan as the CEO of its India operations, as it mulls to sell some of its subsidiaries to repay its outstanding $1.2 billion Term Loan B (TLB) amid "difficult business restructuring". Mohan succeeds Mrinal Mohit, founding partner and the outgoing head of India business at Byju's, who is embarking on a new journey to pursue personal aspirations. Mohan was a part of the founding team and last served as the Chief Business Officer, before rejoining the company recently.
He spent the last three months working closely with founder and Group CEO Byju Raveendran. Mohan spearheaded another edtech company UpGrad while away from Byju’s. "Mrinal's contributions have left an indelible mark on our organisation, and we bid him a bittersweet farewell. I am immensely proud of what we have achieved together," said Raveendran. Roblox Rolls Out In-Experience Subscriptions, but You Can’t Buy Them Until November.
"Arjun's expertise will undoubtedly help our turnaround efforts and strengthen our position in the global edtech landscape," he added. Mohan said that "while challenges are plenty, I am ready to play my role in helping Byju’s empower our current and future generations to thrive in a rapidly changing world". The rejig at top level came as Byju’s is mulling to sell at least two of its subsidiaries, Epic and Great Learning, to raise between $800 million and $1 billion, amid reports that the company has formulated a proposal to repay its outstanding $1.2 billion Term Loan B (TLB). WhatsApp Payment Feature: Mark Zuckerberg Announces New Feature in India, Users Can Now Pay Businesses With Credit Card and Other UPI Apps.
Reports also surfaced that the company is offering to repay $300 million of the debt within three months if the proposal is accepted while repaying the remaining amount in the next three months. The lenders are reportedly reviewing BYJU’s proposal. The edtech major, once valued at $22 billion, also said last week it will clear the full and final settlement dues of laid-off employees soon amid "difficult business restructuring".
(The above story first appeared on LatestLY on Sep 20, 2023 05:39 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).