Byju’s CFO Ajay Goel To Head Back To Vedanta As Replacement To Oversee Demerger

Ajay Goel, the Chief Financial Officer (CFO) of Byju's, has decided to resign, a mere six months after his appointment. He will be returning to his former company, Vedanta, which has recently revealed an extensive demerger plan, dividing its business into six distinct entities.

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Goel's exit is occurring during a pivotal period for Byju's. The company is still in the process of filing its FY22 (2021-22) results and facing challenges with lenders regarding a billion-dollar loan. Simultaneously, it is actively seeking new capital to sustain its operations.

Byju's announced recent appointments within its finance department, appointing Pradip Kanakia as a senior advisor and elevating Nitin Golani, the current President of Finance, to the role of India CFO.

“I thank the founders and colleagues at Byju’S for helping me assemble the FY22 audit in three months. I appreciate the support received during a short but impactful stint at Byju’s," Goel said.

Goel will make the transition once he wraps up the formalities associated with the FY22 audit. Golani formerly held the position of Chief Strategy Officer at Aakash Education. His instrumental role in Byju's $1 billion acquisition of Aakash in 2021 led to his subsequent involvement in an operational capacity at Aakash after the acquisition.

“I am committed to ensuring that Byju’s growth is robust and sustainable. My endeavour now is to maximise shareholder value by optimising financial performance,” Golani said.

Byju's former CFO, PV Rao, resigned in December 2021, and Goel's appointment took place 16 months later, in April 2023. Goel had previously served as the group deputy CFO at Vedanta Resources, under the leadership of Anil Agarwal. Prior to his tenure with Vedanta, Goel held positions at notable organizations, including Diageo, General Electric (GE), Coca-Cola, and Nestle.

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Goel's departure coincides with Byju's ongoing renegotiation of its agreements with creditors. In 2021, the company secured a term loan B of $1.2 billion from a group of investors, marking one of the most significant financial accomplishments among Indian startups.