BYJU’S, the prominent educational technology company, has confirmed the departure of its Chief Financial Officer Ajay Goel, following the completion of the audit process for the financial year 2022. Goel will be returning to Vedanta, as stated by BYJU’S. As a replacement, the edtech major has appointed industry veteran Pradip Kanakia as the senior advisor. Additionally, Nitin Golani, the President (Finance), has been given the additional responsibility of India Chief Finance Officer (CFO) to oversee the company’s financial function.
Expressing his gratitude, Goel remarked, “I would like to extend my thanks to the founders and colleagues at BYJU’S for their support in finalizing the FY’22 audit within three months. Although my time at BYJU’S was short, it was impactful, and I deeply appreciate the assistance I received.”
Following the completion of the financial year audit formalities, Goel will transition to his new role, according to the company statement. Currently, BYJU’S is waiting for certain approvals to file its long-pending financial results for FY2022.
In a filing with the stock exchange, Vedanta announced Goel’s appointment as CFO of the company, effective from October 30, 2023. The filing further mentioned that Goel’s return is part of Vedanta’s structured re-hiring program called ‘Gharwapsi.’ It is worth noting that Goel had previously left Vedanta earlier this year to join BYJU’S, the education startup.
In the same announcement, Vedanta revealed that Shrivastava has resigned as CFO, citing personal reasons, with effect from October 24.
Vedanta highlighted Goel’s achievements and expertise, stating, “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.” Goel previously served as Vedanta’s acting CFO from October 23, 2021, to April 9, 2023, where he made significant contributions to driving business performance and managing the company’s financial affairs.
Goel’s departure as CFO of BYJU’s comes at a crucial juncture for the edtech company, as it is yet to file its results for the 2021-22 financial year. Furthermore, BYJU’s is facing challenges with lenders over a billion-dollar loan while striving to secure fresh capital to sustain its operations.
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