Byju’s COO likely to head ops in India

Byju’s is set to promote its chief operating officer (COO) Mrinal Mohit (pictured) to a bigger role, including leading the India operations, according to people familiar with the matter.

This is because Byju Raveendran, founder and chief executive officer (CEO) of the edtech giant — which is valued at $22 billion — is planning to focus on global expansion and acquisitions.

Among the global regions, Raveendran may look at markets such as the US and the Middle East. He has been meeting investors and potential acquisition target companies there, the sources said.

Raveendran also attended the World Economic Forum’s (WEF’S) meeting in the Swiss ski resort of Davos. There, he met various investors, stakeholders and government officials.

“Discussion related to the leadership roles of Mohit and Raveendran is still going on,” said the person.

Under Raveendran’s leadership, Byju’s is focussing on expanding its business in global markets and exploring more acquisitions. It has 150 million learners globally.

The firm was also in talks with Churchill Capital to raise $4 billion and go public through the special-purpose acquisition company (SPAC) route. The round, if successful, could more than double its valuation to about $48 billion, sources said.

Raveendran was also in talks with various international and domestic banks to raise $400 million as loan. This is to fund 50 per cent of the $800 million (about ~6,000 crore) funding round of the edtech firm, according to sources.

They said this move is part of the company’s strategy to show the founder’s confidence in the firm as he is leading the round. It would help shore up investor interest at a time when the valuations are under stress globally. The funding is expected to help the firm expand globally and acquire companies. Byju’s is planning to go public in the US this year, the sources claimed.