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Byju's-owned Aakash appoints Deepak Mehrotra as MD and CEO

EntrackrEntrackr ยท 1y ago
Byju's-owned Aakash appoints Deepak Mehrotra as MD and CEO
Medial

Aakash Educational Services Limited (AESL), owned by troubled edtech company Byjuโ€™s, has appointed Deepak Mehrotra as its managing director and chief executive officer. Prior to joining AESL, Mehrotra was the Managing Director at Ashirvad Pipes. With over 35 years of experience in executive roles in FMCG, telecom, and education sectors, Mehrotra has worked at firms like Pearson India, Bharti Airtel, Coca-Cola, and Asian Paints. The appointment of Mehrotra is part of AESLโ€™s strategic vision to improve its offerings, expand its reach, and create a positive impact on the education landscape, said the company in a press release. โ€œIn his role as CEO, he will be responsible to deliver on our aggressive growth plan and to build on the significant momentum the company is currently experiencing. His business acumen and stellar record as the Managing Director for Pearson India will be pivotal in leading Aakash BYJUโ€™S into its next phase of growth and impact,โ€ said Byjuโ€™s Raveendran, founder and chairman of Byjuโ€™s. Aakash, which offers NEET, IIT-JEE, Olympiad NTSE, classroom along with distance courses for engineering and medical aspirants, has been preparing for the initial public offering (IPO) that might launch this year. In June 2023, Byjuโ€™s announced that Aakash would go public in the next 12 months or June 2024. In November, Aakash also raised $168 million from Manipal Education and Medical Group chairman Ranjan Pai to clear the debt raised from Davidson Kempner in May last year. Byjuโ€™s had acquired Aakash for $940 million in April 2021. However, Chaudhry family, the founder of AESL, refused to swap their remaining stake citing governance issues. Recently, both withdrew the merger petition. The two companies were running independently as separate entities under the Think and Learn brand and continue to do so. Aakash is yet to report FY23 numbers but the firm reported nearly 45% jump in its operating revenue in FY22. At the same time, it posted an 82% jump in profit to Rs 79.5 crore during FY22 and is expected to cross Rs 2,000 crore in revenue in the fiscal year ending March 2023.

Investor funding in edtech drives behaviour which is not good for industry: Byju's Aakash CEO

Economic TimesEconomic Times ยท 1y ago
Investor funding in edtech drives behaviour which is not good for industry: Byju's Aakash CEO
Medial

Deepak Mehrotra, the CEO of Byju's Aakash Education Services Ltd (AESL), has expressed concerns about the behavior driven by investor funding in the edtech space. He believes that relying solely on digital platforms is insufficient for students aspiring to enter top institutions in medical and engineering fields and emphasizes the importance of addressing the needs of new learners. Mehrotra also mentioned his plans to increase the digital component at AESL to cater to digital-native learners. He recently joined AESL following the resignation of the previous CEO in September 2023. With extensive experience in various industries, Mehrotra aims to leverage his expertise in driving AESL's growth.

Exclusive: Aakash CEO Deepak Mehrotra gets Rs 5 Cr in annual salary

EntrackrEntrackr ยท 10m ago
Exclusive: Aakash CEO Deepak Mehrotra gets Rs 5 Cr in annual salary
Medial

Deepak Mehrotra, who was appointed as the managing director and chief executive officer of Byjuโ€™s-owned Aakash Educational Services Limited (AESL) in April, will receive Rs 5 crore in annual salary starting from the current fiscal year (FY25). As per documents accessed by Entrackr, Mehrotra will get Rs 41.66 lakh as monthly salary which includes HRA, special allowance and provident fund effective from April this year. The filings further added that he will get a maximum of 20% bonus on the annual salary which is subject to achievement of goals or key performance indicators. The board at Aakash has also allotted employee stock ownership plan (ESOPs) worth Rs 25 crore to Mehrorta which can be vested in four years equally every year starting from April 2025. Prior to joining AESL, Mehrotra was the Managing Director at Ashirvad Pipes and has more than 35 years of experience in executive roles in FMCG, telecom, and education sectors. At the time of the appointment, Byjuโ€™s said that Mehrotra will be a part of AESLโ€™s strategic vision to improve its offerings, expand its reach, and create a positive impact on the education landscape. In November 2023, Aakash also raised $168 million from Manipal Education and Medical Group chairman Ranjan Pai to clear the debt raised from Davidson Kempner in May last year. Byjuโ€™s had acquired Aakash for $940 million in April 2021. However, Chaudhry family, the founder of AESL, refused to swap their remaining stake citing governance issues. Three years later, both firms withdrew the merger petition and they are running independently as separate entities under the Think and Learn brand. Aakash is likely to cross Rs 2,300 crore in operating revenue in FY23 according to its valuation report but itโ€™s yet to file audited financials for the past two fiscal years (FY23 and FY24). It competes with FIITJEE and Kota-based Allen Career Institute. While FIITJEE slipped into losses with Rs 542 crore revenue in FY23, Allen registered Rs 429 crore profit with Rs 2,277 crore revenue in the said financial year. Both are yet to file their FY24 numbers.

Byjuโ€™s India CEO Arjun Mohan resigns as edtech firm splits biz into three divisions

EntrackrEntrackr ยท 1y ago
Byjuโ€™s India CEO Arjun Mohan resigns as edtech firm splits biz into three divisions
Medial

Arjun Mohan, the chief executive officer of Byjuโ€™s India operations, has stepped down from his position seven months after joining the edtech firm. His departure is part of the companyโ€™s efforts to restructure and streamline its businesses. In September 2023, Byjuโ€™s announced the appointment of Mohan as the CEO of India operations. He succeeded Mrinal Mohit then. Mohan, the former CEO of upGrad, had over a decade-old stint at Byjuโ€™s and was also the chief business officer at the Bengaluru-based firm between 2019 and 2020. Mohan will now transition to an external advisory role, lending his deep edtech expertise to the company and its founders during this transformation phase, the company said in a press release. As mentioned above, Byjuโ€™s has also announced a major reorganization of its businesses with an objective to streamline its operations and position the company. As part of this strategic shift, Byjuโ€™s is consolidating its businesses into three key divisions โ€“ The Learning App, Online Classes & Tuition Centres, and Test-prep. As per Byjuโ€™s, this new structure will enable each vertical to be nimbler, cost-efficient, and better equipped to capitalize on market opportunities while leveraging the power of its brand and ecosystem. Also, each of these units will have separate leaders who will independently run the businesses. โ€œThis reorganization marks the start of BYJUโ€™S 3.0 โ€“ a leaner and more agile organization ready to quickly adapt to evolving market dynamics, especially in the realm of hyper-personalized education,โ€ said Byju Raveendran, founder and group CEO, in a statement. The new phase will also see Raveendran returning as the operational leader as he takes over the companyโ€™s day-to-day functioning. Over the past four years, he had focused primarily on strategic aspects such as raising capital and driving global expansion. This is the second big transition at Byjuโ€™s group of companies in the past week. Recently, Aakash Educational Services, owned by Byjuโ€™s, appointed Deepak Mehrotra as its managing director and chief executive officer. However, the two companies are running independently as separate entities under the Think and Learn brand.

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