Educational technology company <keyword id="6384897" type="General" weightage="100" keywordseo="BYJUs" source="Orion">BYJU'S</keyword> Chief Financial Officer <keyword id="256693" type="General" weightage="20" keywordseo="Ajay-Goel" source="Orion">Ajay Goel</keyword> has quit after completing the audit process for the financial year 2022 and will return to <keyword id="28423" type="General" weightage="80" keywordseo="vedanta" source="Orion">Vedanta</keyword>, the company said in a statement. The edtech major has roped in industry veteran Pradip Kanakia as the senior advisor, and President (Finance) Nitin Golani has been given additional responsibility as India Chief Finance Officer (CFO) to handle the finance function of the company. "I thank the founders and colleagues at BYJU'S for helping me assemble the FY'22 audit in three months. I appreciate the support received during a short but impactful stint at BYJU'S," Goel said. He will transition after completing the formalities of the financial year audit, the statement said. The company is awaiting certain approvals to file its long-pending financial results for FY2022. In a stock exchange filing, Vedanta said Goel has been appointed CFO of the company with effect from October 30, 2023. "As part of Vedanta's structured re-hiring programme called 'Gharwapsi', Mr. Ajay Goel joins back the company," it said. Goel had quit from Vedanta earlier this year to join education startup BYJU's. In the same announcement, Vedanta said Shrivastava resigned as the CFO with effect from the close of business hours on October 24 "due to personal reasons. "Goel is a national rank holder both as a Chartered Accountant and Company Secretary and comes with rich experience in global multinational companies such as General Electric, Nestle, Coca Cola and Diageo – USL in various leadership roles," it said. He was earlier associated with Vedanta as acting CFO of the company from October 23, 2021, to April 9, 2023. "During his earlier role at Vedanta, Ajay contributed significantly in terms of driving business performance, managing the financial affairs of the company and heading the finance function with his leadership acumen. He was also instrumental in successfully handling regulatory approvals, investments matters, capital allocation, investor relations and major M&amp;A-related affairs," Vedanta said. Goel quit as Byju's chief financial officer (CFO) barely six months after joining the ed tech. His departure comes at a crucial time for Byju's, as it is yet to file its results for 2021-22 financial year (April 2021 to March 2022), apart from its issues with lenders over a billion-dollar loan, even as it tries to raise fresh capital to keep operations going.

BYJU's CFO Ajay Goel quits after audit, Nitin Golani gets additional charge

Edtech company <keyword id="2900267" type="General" weightage="20" keywordseo="byju" source="Orion">BYJU</keyword>'S has appointed <keyword id="256693" type="General" weightage="20" keywordseo="ajay-goel" source="Orion">Ajay Goel</keyword> as its chief financial officer (CFO), as it aims to strengthen the company's financial operations and achieve profitability amid myriad of problems. Goel, who has worked with companies like <keyword id="28423" type="General" weightage="20" keywordseo="vedanta" source="Orion">Vedanta</keyword>, GE, Coca Cola and Nestle, will be responsible for overseeing financial strategy and management for BYJU'S. "With his extensive experience and diverse skill-set, Goel is the ideal candidate to take on the role of Chief Financial Officer as we continue to chart the course of sustainable growth in this exciting new phase," said Byju Raveendran, Founder and CEO, BYJU'S. Goel will work closely with the founders and the senior leadership on strategy development, capital planning and financial analysis. The company has already missed its March 2023 deadline to achieve group-level profitability, as it envisioned in its earnings in October last year. Last month, in a setback to BYJU's, New York-based investment firm BlackRock in a private assessment slashed the valuation of edtech major BYJU's to $11.15 billion from its $22 billion valuation that the company keeps referring to. "BYJU's is India's most valued startup. If other investors follow BlackRock, it may translate into the first major downgrade of an Indian decacorn after Flipkart in 2016," according to a report in The Arc, citing the filings. BlackRock had entered the edtech giant's cap table at a $12 billion valuation in 2020. Its stake is under 1 per cent. BYJU's is in advanced stages to raise $250 million at a flat valuation, as it struggles to repay a $1.2 billion term loan and turn profitable in 2023. The latest funding round is in "final stages of discussion and will be closed soon within a few weeks". The edtech company is also winding up coding platform WhiteHat Jr, which it acquired for $300 million, as part of restructuring and cut costs. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/adani-group-stocks-tumble-amid-reports-of-sebi-probe-group-market-capitalisation-falls-by-22000-crore/articleshow/99214962.cms">Adani group stocks tumble amid reports of SEBI probe: Group market capitalisation falls by ₹22,000 crore</a> <a href="https://www.businessinsider.in/business/corporates/news/india-incs-credit-quality-continues-to-shine-in-fy23-slowdown-concerns-could-impact-it-textile-sectors-says-icra/articleshow/99211589.cms">India Inc’s credit quality continues to shine in FY23: Slowdown concerns could impact IT, textile sectors, says ICRA</a> <a href="https://www.businessinsider.in/business/auto/news/passenger-vehicle-sales-steady-commercial-vehicles-drive-growth-in-march/articleshow/99206199.cms">Passenger vehicle sales steady, commercial vehicles drive growth in March</a>

BYJU'S hires Ajay Goel as CFO amid myriad of problems

New Delhi, April 4 (IANS) Edtech major BYJU's is all set to raise around $500-$700 million in its latest funding round at a flat valuation of $22 billion, led by a couple of top private equity firms and sovereign wealth funds, which can happen anytime soon this month, reliable sources told IANS on Tuesday. The funding round, anticipated for quite some time amid the deepening funding winter, will not only help BYJU's pay off some of its existing debt but also consolidate and grow its business further, according to people privy to the development. "The round is led by top VC firms and some existing investors in BYJU's are also keen to participate, which may take the funding round to its maximum," sources told IANS. "To meet the regulatory framework, a solid due diligence has been done by the BYJU's and the investors in taking the round to its concluding stage," they said, adding that this will help the edtech unicorn "come back with a bang" amid larger scrutiny and other problems it is currently going through with some of its acquisitions like WhiteHat Jr. When reached, BYJU's did not immediately comment on the development. The Financial Express was first to report about the development. The latest funding round comes as the company is aiming to repay a huge $1.2-billion term loan B it had secured in November 2021. The company has now appointed Ajay Goel as its chief financial officer (CFO), as it aims to strengthen the company's financial operations and achieve profitability. In order to turn profitable, BYJU's is winding up coding platform WhiteHat Jr, which it acquired for $300 million, as part of restructuring and cut costs. The company had said it was "merely optimising it". Edtech firm BYJU's did not meet its March 2023 deadline to achieve group-level profitability, as it envisioned in its earnings in October last year.

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BYJU's CFO Ajay Goel quits after audit, Nitin Golani gets additional charge

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BYJU'S hires Ajay Goel as CFO amid myriad of problems

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BYJU's all set to raise $500-$700 mn led by top VC firms

IANS