Former SBI chief Rajnish Kumar and IT industry veteran T V Mohandas Pai will join the Advisory Council of edtech major Byju’s, which is facing corporate governance and financial issues.
The development comes against the backdrop of a delay in financial audits of the company, a dispute with lenders that led to several stakeholders raising questions on the corporate governance structure of the company.
Byju’s said that the appointment of industry veterans reflects its commitment to enhancing its financial governance mechanisms and leveraging expert advice for sustainable growth and strategic decision-making.
“We are honoured to welcome Rajnish Kumar and T V Mohandas Pai in the BYJU’S Advisory Council. Their decision to join this council is a resounding vote of confidence in our mission, vision, and strategic direction,” founders Divya Gokulnath and CEO Byju Raveendran, of BYJU’s, said.
Former CFO at Infosys, Pai, who was also one of the initial backers of Byju’s through Aarin Capital, said that he sees a drive in founders Gokulnath and Raveendran to build the group into a successful corporation.
“Byju and Divya are amongst the most impressive entrepreneurs I have worked with from the startup ecosystem. Since our first contact a decade ago, they have built the largest edtech company globally. I see in them the drive to build the group into a successful corporation,” he said.
Pai said as part of the advisory council, he will look forward to advising the leadership in evolving the systems of governance and financial reporting, as well as to grow an organisational structure that can serve as a resilient foundation for the future of the company.
Kumar has been at the helm of affairs during the crisis at BharatPe which led to the forced exit of then company’s Co-Founder and managing director Ashneer Grover due to alleged financial irregularities.
On joining BYJU’s advisory council, Kumar said that his discussion with founders convinced him that they are dedicating sincere efforts to steer a course correction of the company’s governance structure.
“With calibrated guidance from experienced advisors who have come together to support these dynamic entrepreneurs, the company will be able to move forward and continue to contribute to this very important field of education,” he said.