startup BYJU’S announced on July 13 that former State Bank of India chairperson Rajnish Kumar and TV Mohandas Pai -former Chief Financial Officer (CFO) and board member of Infosys will be joining the startup’s Advisory Council. The new appointments come after the startup’s three key investors–Peak XV Partners, Prosus and Chan Zuckerberg Initiative–resigned from the board leaving CEO Raveendran, co-founders Divya Gokulnath and Riju Ravindran as part of board members. TV Mohandas Pai’s firm Aarin Capital – proprietary venture fund, is one of BYJU’S investors. Pai was one of the edtech startup’s early backers. ‘’Rajnish Kumar and TV Mohandas Pai have accepted their invitation to join the company’s newly constituted Advisory Council. This council will play a pivotal role in advising and mentoring BYJU’S board and CEO Raveendran, on crucial matters that shape the company’s future,” according to a statement released by BYJU’S today. The Advisory Council is poised to bring fresh perspectives and finance acumen to help BYJU’S maintain its position as a global leader in the ed-tech space, it added. The appointment of the two thought leaders in finance and governance to the Advisory Council is likely to enhance the company’s financial governance mechanisms and leverage expert advice to drive growth and strategic decision-making, according to the startup. “Byju and Divya are amongst the most impressive entrepreneurs I have worked with from the startup ecosystem. Since our first contact more than a decade ago, they have built the largest company globally and amongst the largest in India. I see in them the drive to build the group into a successful corporation, and to ensure they deliver upon their mission in this sector as a category creator and market leader,” said T V Mohandas Pai. Pai’s tenure as the former CFO at Infosys and vast experience in serving on the boards of regulatory authorities had led provided him with exposure to the economy and regulatory domains. Pai is also the co-founder of Akshaya Patra, the world’s largest midday meal program. Upon the appointments of the veteran leaders to the board’s advisory council, BYJU’S founders Divya Gokulnath and Raveendran said, ‘’Their unparalleled leadership experience and deep understanding of the finance and technology domains will greatly enrich our strategic initiatives and strengthen our governance. With their invaluable insights and expertise, we are confident that we will continue to have a transformative impact on the education landscape.” BYJU’S added that former SBI chairperson Rajnish Kumar has been instrumental in catalyzing transformative changes across India’s financial institutions. His extensive experience in leading a tech startup at scale makes him an invaluable addition to the newly constituted council. “My discussions with Byju and Divya convinced me that they are dedicating sincere efforts to steer a course correction of the company’s governance structure. They have reached out to engage with experienced professionals with a proven track record of running large corporates and with a deep understanding of governance issues,” said Rajnish Kumar. ‘’The company has achieved an impressive growth trajectory and has built significant scale in its base of revenue, operations, and global presence. 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,” added Kumar. The education tech startup witnessed an explosive growth during the pandemic and has been a flag bearer for India’s digital startup ecosystem. However, it is now fighting for survival amid mounting troubles after few of its big investors resigned off the company’s board. The startup, which has defaulted on loans, is yet to fully finalise the accounts for the last three years, and is fighting with its lenders amid lay-offs and cost cuts. BYJU’S has been backed by investors such as Naspers, CPPIB, General Atlantic, Tencent, Sequoia Capital, Sofina, Verlinvest, IFC, Aarin Capital, TimesInternet, Lightspeed Ventures, Tiger Global, Owl Ventures & Qatar Investment Authority. Related Premium Stories