Byju's Appoints Ex-Vedanta Executive Ajay Goel As CFO

Indian edtech startup Byju's has appointed Ajay Goel as the chief financial officer, around 16 months after his predecessor quit amid concerns over delayed financial reporting.

Goel was the group deputy CFO of Vedanta Resources Ltd. prior to his appointment. His predecessor, PV Rao, had quit the firm in December 2021. The firm had been operating without a CFO since then.

"As CFO, Ajay will be responsible for overseeing financial strategy and management for Byju's," the company said in a statement late on Monday. "He will work closely with the founders and the senior leadership on strategy development, capital planning and financial analysis."

Goel has previously worked at Diageo PLC, General Electric Co., Coca Cola Co. and Nestle SA.

"With his extensive experience and diverse skillset, Ajay 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," Chief Executive Officer Byju Raveendran said. "His strategic thinking and financial acumen will be instrumental in helping us create even more value for our stakeholders."

The edtech firm has come under criticism for delayed financial reporting. It filed its results for fiscal 2021 around 18 months after it ended, in which it reported a thirteen-fold rise in losses. Its earnings for fiscal 2022 have also not been filed with the Ministry of Corporate Affairs yet.