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

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

Aakash Educational Services Limited (AESL), owned by troubled edtech company Byju’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 AESL’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. “In 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 BYJU’S into its next phase of growth and impact,” said Byju’s Raveendran, founder and chairman of Byju’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, Byju’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. Byju’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 · 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.

Aakash CEO and MD Deepak Mahrotra stepping down

EntrackrEntrackr · 2d ago
Aakash CEO and MD Deepak Mahrotra stepping down
Medial

Deepak Mehrotra, the Managing Director and CEO of Aakash Educational Services Limited, is resigning from his position, sources aware of the development told Entrackr. Mehrotra’s exit comes 16 months after he was appointed in April 2024. According to sources, Mehrotra has submitted his resignation and is serving his notice period. While there is no official statement from Mehrotra, his recent LinkedIn post said, “Each of the last 481 days of the rebuild journey has extracted every ounce of my energy every day but has been gratifying. I traveled extensively, meeting employees from almost 70 branches to understand their aspirations and build trust. We've focused on reinforcing belief and confidence in leadership, crafting new business models, and accelerating technology adoption." Mehrotra joined Aakash with a mandate to steer the company through its Aakash 2.0 strategy, which focuses on business model transformation, role consolidation, and aggressive talent hiring. The company also went through layoffs in September, letting go of 80 to 100 employees, which was the first major round of job cuts since Byju’s acquired the company for nearly $1 billion in 2021. Last year, Entrackr exclusively reported that Mehrotra would receive an annual salary of Rs 5 crore starting from the last fiscal year (FY25). Aakash also allotted employee stock ownership plan (ESOPs) worth Rs 25 crore to Mehrotra, which can vest equally over four years starting from April 2025. This leadership change surfaces amid ongoing tussle within AESL, where the founding Chaudhry family has resisted full integration. In March last year, both companies withdrew their merger petition to operate independently under the Think and Learn brand. Aakash has yet to file its annual report for FY24 and FY25.

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