Byju’s is set to promote its chief operating officer (COO) Mrinal Mohit to a bigger role, including leading the India operations, according to people familiar with the matter.<\/p>\n
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.<\/p>\n
Among the global regions, Raveendran may look at markets such as the US and the Middle East.<\/p>\n
He has been meeting investors and potential acquisition target companies there, according to the sources.<\/p>\n
Raveendran also attended the World Economic Forum’s (WEF’s) annual meeting in the Swiss ski resort of Davos.<\/p>\n
There, he met various investors, stakeholders and government officials.<\/p>\n
“Discussion related to the leadership roles of Mohit and Raveendran is still going on,” said the person.<\/p>\n
Under Raveendran’s leadership, Byju’s is focussing on expanding its business in global markets and exploring more acquisitions.<\/p>\n
It has 150 million learners globally.<\/p>\n
The firm was also in talks with Churchill Capital to raise $4 billion and go public through the special-purpose acquisition company (SPAC) route.<\/p>\n
The round, if successful, could more than double its valuation to about $48 billion, sources said.<\/p>\n
Raveendran was also in talks with various international and domestic banks to raise $400 million as loan.<\/p>\n
This is to fund 50 per cent of the $800 million (about Rs 6,000 crore) funding round of the edtech firm, according to sources.<\/p>\n
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.<\/p>\n
It would help shore up investor interest at a time when the valuations are under stress globally.<\/p>\n
The funding is expected to help the firm expand globally and acquire companies.<\/p>\n
Byju’s is planning to go public in the US this year, according to the sources.<\/p>\n
But India is also a strong option. It may do a primary listing in the US and a secondary listing in India or vice-versa.<\/p>\n
Both the US and India are large and key markets for Byju’s.<\/p>\n
The firm expects to hit revenues of $3 billion for the calendar year 2023, according to the sources.<\/p>\n
It has already crossed revenues of about $1.5 billion.<\/p>\n
The listing would help accelerate the firm’s plan to become one of the largest players in this space in the US, with a target to hit revenues of $1 billion in the next three years.<\/p>\n
Byju’s and QIA, the sovereign wealth fund of Qatar, recently partnered to launch a new edtech business and state-of-the-art research and development centre in Doha.<\/p>\n
The new entity in Doha will create learning solutions customised for students in the Middle East and North Africa.<\/p>\n
Byju’s has also been strengthening its senior leadership team across verticals as the company aims to further build global products, teams and partnerships.<\/p>\n
The firm recently hired ex-Paytm executive Abhishek Chawla as vice-president for engineering.<\/p>\n
Last December, it appointed ex-Bain executive Rachna Bahadur to lead global expansion. It also appointed Himanshu Bajaj as head of business to lead Byju’s Learning Centre.<\/p>\n
Before joining Byju’s, Bajaj worked with consulting firm Kearney and led its consumer and retail practice across the Asia-Pacific.<\/p>\n
Last year, the firm also announced the appointment of ex-Tata executive Mukut Deepak as head of business to lead its Class 4-10 school segment.<\/p>\n