Tech3 | Byju Raveendran takes charge as CEO exits; Ola cuts prices of S1X e-scooters; and more

One quick thing: Ola Electric cuts prices of S1X scooters range to take on Ather's Rizta

In today’s newsletter: 

• Byju Raveendran takes charge as CEO exits 
• TCS CEO Krithivasan banks on pricing
• Inside ABCD: Aditya Birla’s fintech super app

Byju Raveendran takes charge as CEO exits

Months after a significant restructuring that saw layoffs, office closures, and consolidation of operations, Byju's India CEO Arjun Mohan has decided to step down.

• The embattled edtech firm has now turned to its founder, Byju Raveendran, to take charge once again

Driving the news: Raveendran is reasserting control over Byju's as he resumes the role of CEO.

• Mohan's departure follows his unsuccessful bid for the top job at Aakash, which went to the former Pearson India MD, sources tell us.

Mohan will now transition to an external advisory role within Byju's as he explores new opportunities.

• Taking the helm from Mohan, Raveendran will now oversee daily operations.

Mohan confirmed to us that he is stepping down to pursue other opportunities as the business has downsized.

• The company has also consolidated its operations into three focused divisions: The Learning App, Online Classes & Tuition Centres, and Test-prep

Scrutiniser’s green signal: Meanwhile, the awaited independent scrutiniser's report from the recently held extraordinary general meeting has returned with results favouring the promoters.

• In a significant relief for the Raveendran-led management, the report showed that the vote to increase its authorised share capital was approved by a majority

This comes despite the National Company Law Tribunal prohibiting Byju’s from using proceeds from the rights issue until the dismissal of a plea filed by four investors. 

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