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Chaudhry may return as Aakash CEO, nears stock-swap deal with Byju’s

Economic Times

Economic Times · 1y ago

Chaudhry may return as Aakash CEO, nears stock-swap deal with Byju’s

Aakash Chaudhry, the promoter of Aakash Institute, is expected to return as the CEO of the company as part of a stock-swap deal with Byju's, which acquired Aakash Institute for $950 million in 2021. Chaudhry, who previously served as CEO, is in the final stages of negotiations to close the deal, which would give him around 8% in Think and Learn (Byju's parent) and retain around 9% in Aakash. Byju's will likely own at least 51% of Aakash Institute post-transaction. The stock-swap plan is linked to Chaudhry's return as CEO.

Related News

Aakash and Byju’s merger application withdrawn

Thehindubusinessline

Thehindubusinessline · 1y ago

Aakash and Byju’s merger application withdrawn

Think and Learn, the parent company of edtech firm Byju's, and Aakash Educational Services Ltd (AESL) have withdrawn their merger petition. The merger, which was part of a cash-and-stock deal worth $940 million, has hit a roadblock as AESL's founder, the Chaudhry family, refused to complete the share swap due to governance issues. Moreover, Byju's has sent a legal notice to AESL's founders over their alleged resistance to complete the share swap. Byju's is facing a cash crunch and is dealing with an oppression and mismanagement case filed by a group of investors.

Aakash and Byju’s merger application withdrawn

Thehindubusinessline

Thehindubusinessline · 1y ago

Aakash and Byju’s merger application withdrawn

Byju's and Aakash Educational Services Ltd (AESL) have withdrawn their merger petition at the National Company Law Tribunal (NCLT) hearing. The merger between the two edtech companies was part of a cash-and-stock deal worth $940 million, with Byju's acquiring AESL in April 2021. However, the share-swap deal has hit a roadblock as the founders of AESL have refused to complete the swap due to governance concerns. Byju's has also sent a legal notice to the founders. Byju's is facing additional challenges, including a cash crunch and an oppression and mismanagement case filed by investors.

Ranjan Pai books an Aakash seat with $168 million to clear Davidson Kempner debt

Economic Times

Economic Times · 1y ago

Ranjan Pai books an Aakash seat with $168 million to clear Davidson Kempner debt

Ranjan Pai, Chairman of Manipal Education and Medical Group, has invested INR 1,400 crore (about $168 million) in Byju’s test-prep subsidiary, Aakash Institute. This investment clears Aakash's debt to Davidson Kempner Capital Management. Previously, Byju’s had signed a structured credit deal with Davidson Kempner for INR 2,000 crore ($240 million) against Aakash's cash flows but only received INR 800 crore ($96 million). Pai's investment, part of a multi-stage plan, is linked with Aakash Chaudhry, who is likely to return as Aakash Institute's CEO.

Byju’s-owned Aakash’s former CEO launches new edtech startup Sparkl | Company Business News

Livemint

Livemint · 6m ago

Byju’s-owned Aakash’s former CEO launches new edtech startup Sparkl | Company Business News

Former CEO of Aakash, Aakash Chaudhry, has launched a new edtech venture called Sparkl, an AI-powered online tutoring platform focused on grades 6 to 12 for IGCSE and IB curricula. The platform has raised seed funding from Rainmatter and plans to allocate the funds towards hiring top talent, investing in technology, and marketing efforts. Chaudhry's return to the edtech sector comes after a challenging period for the industry, and his departure from Aakash, which was acquired by Byju's last year. Sparkl aims to offer affordable online one-on-one tutoring with intermittent offline seminars.

Chaudhry unlikely to return to steer Byju's-owned Aakash Institute: Sources

Economic Times

Economic Times · 1y ago

Chaudhry unlikely to return to steer Byju's-owned Aakash Institute: Sources

Byju's-owned Aakash Institute has abandoned plans for promoter Aakash Chaudhry to return as the chief executive of the coaching business unit. Manipal group chief Ranjan Pai, who owns a 40% stake in the institute, is now poised to lead the company. Pai has become the largest investor in Aakash, while Chaudhry still holds an 11% stake. A new CEO will be appointed by the board. This development follows unsuccessful negotiations between Byju's and the Aakash promoters, and legal battles faced by Byju's.

Byju’s forms executive committee for new leadership at Aakash after exit of CEO, CFO

Economic Times

Economic Times · 1y ago

Byju’s forms executive committee for new leadership at Aakash after exit of CEO, CFO

Byju's-owned test prep subsidiary, Aakash Education (AESL), has formed an executive council to appoint a new CEO after the exit of its former CEO Abhishek Maheshwari and CFO Vipan Joshi. The executive council includes Byju Raveendran, CEO of Byju's, and other key figures from the organization. This development comes amid shareholder tensions and negotiations with investment fund Davidson Kempner over a credit line. Byju's has been pushing for Aakash promoters to complete a share swap for a deal announced two years ago.

BYJU’S-Owned Aakash Institute Unlikely To See Chaudhry’s Return

Inc42 · 1y ago

BYJU’S-Owned Aakash Institute Unlikely To See Chaudhry’s Return

Aakash Education's operating revenue for the financial year ended March 31, 2023, is expected to have surpassed INR 2,000 crore. Aakash Institute, owned by BYJU's, has decided not to reappoint Aakash Chaudhry as CEO and instead, the board and management council, led by Ranjan Pai, will guide the business. Pai is set to become the primary investor in Aakash. In FY23, Aakash Education's operating revenue is projected to reach INR 2,325.1 crore, indicating a 63% growth compared to the previous year. However, the figure fell short of BYJU's estimate of INR 3,000 crore.

BYJU’S-Owned Aakash Ropes In Former Pearson India Executive Deepak Mehrotra As MD And CEO

Inc42 · 1y ago

BYJU’S-Owned Aakash Ropes In Former Pearson India Executive Deepak Mehrotra As MD And CEO

Deepak Mehrotra has been appointed as the Managing Director and Chief Executive Officer of Aakash Institute, which is owned by BYJU'S. The appointment is part of Aakash's strategic plans to enhance its offerings and expand its reach in the education sector. With over 35 years of experience in various industries, Mehrotra will work on the company's growth plans and build on its current momentum. This appointment comes after reports that BYJU'S is not bringing back Aakash Chaudhry as the CEO, and amidst the company's declining condition, Aakash's operating revenue is expected to have crossed INR 2,000 Cr mark in FY23.

Manipal Group's Pai offers ₹300 cr loan facility to BYJU'S: Report

Business Today

Business Today · 1y ago

Manipal Group's Pai offers ₹300 cr loan facility to BYJU'S: Report

Ranjan Pai, the founder of Manipal Hospitals Group, has offered a Rs 300 crore loan facility to Think & Learn Pvt. Ltd, the parent company of Byju's. This financial arrangement is part of a larger transaction that aims to facilitate a partial exit for the Chaudhry family from Aakash Educational Services Ltd. The investment is expected to help plug Byju's working capital and cash flow requirements and may reach a total investment of $300 million by Pai. Additionally, the transaction could involve the swapping of a portion of the Chaudhry family's Aakash shares into Think & Learn, potentially increasing the company's stake in Aakash to over 51 percent.

BYJU’S-Owned Aakash Chalks Out ‘2.0’ To Boost Operations

Inc42 · 9m ago

BYJU’S-Owned Aakash Chalks Out ‘2.0’ To Boost Operations

Aakash Educational Services is implementing a revamping strategy called 'Aakash 2.0' to expand its operations and improve efficiency. The company is also planning to establish hybrid learning centers. Regarding its association with BYJU's, the CEO and MD of Aakash clarified that they are now a separate entity and recent developments of BYJU's should not affect their operations. Recently, Aakash downsized its workforce by letting go of around 80-100 employees over the past few months.

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