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Ranjan Pai may put $50-60 million more to grow Byju’s Aakash

Economic Times

Economic Times · 1y ago

Ranjan Pai may put $50-60 million more to grow Byju’s Aakash

According to the article, Ranjan Pai, the chairman of education group Manipal Education and Medical Group, is considering investing an additional $50-60 million to support the growth of edtech companies Byju's and Aakash. Pai already holds a stake in Byju's and recently acquired a majority stake in Aakash. This investment would further bolster the expansion plans of both companies, as they aim to tap into the increasing demand for online education amid the COVID-19 pandemic.

Related News

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.

Saving edtech company Byju’s: Inside the great rescue act

Livemint

Livemint · 1y ago

Saving edtech company Byju’s: Inside the great rescue act

Byju's, India's leading edtech startup, has faced a series of setbacks, including resignations of key executives and board members, struggles with audited financial statements, governance lapses, litigation from lenders, and a decline in its valuation. However, the company has found hope in the form of an advisory council led by Rajnish Kumar and including Mohandas Pai and Ranjan Pai. The council is working to address compliance issues and is guiding the restructuring of the company. Ranjan Pai has been instrumental in helping Byju's gain control over a key acquisition, Aakash Educational Services.

Pai in the Sky: Ranjan to own 40% of Aakash

Economic Times

Economic Times · 1y ago

Pai in the Sky: Ranjan to own 40% of Aakash

Manipal Education and Medical Group Chairman Ranjan Pai is set to become the largest shareholder in Byju’s-owned Aakash Institute, holding a 40% stake. The Aakash board approved the conversion of Pai's $300 million investment in 2023 into equity, valuing the institute at around $700 million. Pai, along with Byju Raveendran and Think & Learn, will collectively hold 80-82% of Aakash, while Blackstone and Aakash promotors will own the remaining 18%. Pai will also gain additional board seats upon securing regulatory approval.

Ranjan Pai in talks to invest $80-90 million in Byju’s-owned Aakash

Money Control

Money Control · 2y ago

Ranjan Pai in talks to invest $80-90 million in Byju’s-owned Aakash

Ranjan Pai, a prominent investor is in discussions to invest $80-90 million in Aakash Educational Services Limited, which is owned by BYJU'S, as per Moneycontrol. The investment would further strengthen BYJU'S position in the edtech sector and support Aakash's expansion plans. The deal signifies growing interest in the Indian edtech market among investors.The company is further seeking another $200 million (Rs 1,600 crore) in Aakash as a part of the funding round where sovereign wealth funds are expected to come on board.

Manipal Group’s Ranjan Pai in talks to invest up to Rs 2,500 cr in Byju’s; Davidson Kempner to exit with Rs 1,400 cr

Business Today

Business Today · 1y ago

Manipal Group’s Ranjan Pai in talks to invest up to Rs 2,500 cr in Byju’s; Davidson Kempner to exit with Rs 1,400 cr

Edtech giant Byju's is reportedly close to resolving its dispute with New York-based investment manager Davidson Kempner Capital Management over a loan linked to its profitable entity, Aakash Educational Services. Chairman of Manipal Education and Medical Group, Ranjan Pai, is said to be finalizing a deal to invest up to $300 million in Byju's, with a majority going to Aakash. Pai will also pay Rs 1,400 crore to fully settle the loan. Byju's is also planning to sell its group firms, Great Learning and Epic, to raise funds.

BYJU’S, Aakash Shareholders flag valuation concern over Ranjan Pai’s $300 Mn conversion move

Inc42 · 1y ago

BYJU’S, Aakash Shareholders flag valuation concern over Ranjan Pai’s $300 Mn conversion move

BYJU'S shareholders, including investors Blackstone and Prosus NV, have raised concerns over the approval to convert a $300 million investment made by Ranjan Pai of Manipal Education and Medical Group (MEMG) into equity. They argue that the conversion will dilute the value of their stakes in the company. The approval was given by the board of Aakash Institute, a subsidiary of BYJU'S. The shareholders claim that the conversion was based on a lower valuation for Aakash compared to the price paid by BYJU'S for its acquisition.

Byju’s Aakash bags $168 Mn from Ranjan Pai to clear Davidson Kempner’s debt

Entrackr

Entrackr · 1y ago

Byju’s Aakash bags $168 Mn from Ranjan Pai to clear Davidson Kempner’s debt

Manipal Education and Medical Group chairman Ranjan Pai has invested around Rs 1,400 crore ($168 million) in Byju's Aakash to help the edtech firm clear its debt raised from Davidson Kempner. The loan, which closed recently, comprises a principal amount of Rs 800 crore and Rs 600 crore in interest. Byju's had acquired Aakash for $1 billion in April 2021 and has been struggling to repay its $1.2 billion loan. The company plans to sell its kids' reading platform Epic and higher education platform Great Learning to repay the debt.

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.

Manipal group's Ranjan Pai likely to invest $250-300 million in Byju's subsidiary Aakash Institute

Economic Times

Economic Times · 1y ago

Manipal group's Ranjan Pai likely to invest $250-300 million in Byju's subsidiary Aakash Institute

Manipal Education and Medical Group chairman, Ranjan Pai, is planning to invest $250-300 million in Aakash Institute, a subsidiary of edtech company Byju's, to clear the outstanding debt of Byju's to US-based Davidson Kempner. In May, Byju's had entered into a structured credit deal with Davidson Kempner for $240.6 million, which led to a dispute. Pai's investment would increase his stake in Aakash, and he may bring in other private equity firms to invest as well. This investment is part of Pai's growing presence in new-age companies, including FirstCry and Bluestone.

Court relief for Byju’s in TLB lenders’ suit

Economic Times

Economic Times · 1y ago

Court relief for Byju’s in TLB lenders’ suit

Byju's secured a legal win as a civil court in Bengaluru rejected a plea by its lenders challenging Manipal Group Chairman Ranjan Pai's acquisition of a 40% stake in Aakash Institute. The lenders sought to block the conversion of debt into equity by Pai, claiming it would hurt the lenders. The court dismissed the injunction and stated that the jurisdiction was incorrect. Pai has also approached the Competition Commission of India for approval. Byju's has been facing financial difficulties, with lenders filing an insolvency plea and its US subsidiary filing for bankruptcy.

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