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Ranjan Pai's Manipal Group set to gain majority stake in Blackstone-backed firm

VCCircle

VCCircle · 2m ago

Ranjan Pai's Manipal Group set to gain majority stake in Blackstone-backed firm

Ranjan Pai, chairman of Manipal Education and Medical Group, is set to acquire a controlling stake in a firm backed by private equity giant Blackstone. Currently a minority shareholder in Manipal Hospitals, Pai invests in startups through his family office. This move will expand his influence in the healthcare sector, further complementing his business interests and potentially enhancing Manipal Group's strategic growth and diversification.

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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.

Manipal consolidates training biz under UNext after buying out PremjiInvest

VCCircle

VCCircle · 1y ago

Manipal consolidates training biz under UNext after buying out PremjiInvest

Manipal Group, led by Chairman Ranjan Pai, is consolidating its training business under UNext. This move comes after the group acquired PremjiInvest. The group has recently made headlines for selling a majority stake in its hospital arm and investing in Aakash Education, a company backed by Blackstone. The consolidation of the training business aims to strengthen Manipal's position in the education and training sector.

Aakash’s backers slam AoA tweak plan at NCLT

Economic Times

Economic Times · 5m ago

Aakash’s backers slam AoA tweak plan at NCLT

Aakash Institute's minority shareholders, including Blackstone, oppose attempts by the majority stakeholders to amend the articles of association, leading to alleged operational challenges. The minority shareholders argue these rights are legally binding and vital to protect against potential oppression by the majority, notably Ranjan Pai’s Manipal Group, which holds a significant stake. The ongoing legal dispute reflects broader tensions about management rights and shareholder protection amidst attempted structural changes within the company.

Exclusive: Manipal family office Claypond strikes control oriented deal in healthcare

VCCircle

VCCircle · 7m ago

Exclusive: Manipal family office Claypond strikes control oriented deal in healthcare

Ranjan Pai's family office, Claypond Capital, has struck a control-oriented deal in the healthcare sector, according to sources. This comes after the Manipal Group gave up control of Manipal Hospitals last year. The family office has been actively involved in dealmaking recently.

After Byju's, Manipal Group's Chairman Ranjan Pai to invest Rs 250Cr in FirstCry

IndianStartupNews

IndianStartupNews · 1y ago

After Byju's, Manipal Group's Chairman Ranjan Pai to invest Rs 250Cr in FirstCry

Manipal Group Chairman Ranjan Pai is set to invest Rs 250 crore in FirstCry, a leading Indian baby products retailer. The investment will support FirstCry's growth and expansion plans, including its online and offline operations. Pai's investment highlights the ongoing interest and support from established business leaders in the Indian startup ecosystem.

Ranjan Pai’s Claypond Capital ropes in former Fireside exec

VCCircle

VCCircle · 1y ago

Ranjan Pai’s Claypond Capital ropes in former Fireside exec

Claypond Capital, the family investment office of Ranjan Pai, Chairman of Manipal Group, has appointed a former Fireside Ventures executive as the firm increases its startup investments. The family office was established after Temasek acquired a $2 billion stake in Manipal Group.

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.

Ranjan Pai has a ‘Powar’ plan for family office Claypond Capital

Economic Times

Economic Times · 1y ago

Ranjan Pai has a ‘Powar’ plan for family office Claypond Capital

Ranjan Pai's family office, Claypond Capital has significant plans for their investment plans. Ranjan Pai, the Chairman of Manipal Education and Medical Group, has established Claypond Capital to focus on long-term investments in sectors like education, healthcare, and technology. The family office aims to provide patient capital to startups and is looking to invest in 10-15 companies over the next few years.

White knight in control? Ranjan Pai seen setting course at Aakash

Economic Times

Economic Times · 1y ago

White knight in control? Ranjan Pai seen setting course at Aakash

Ranjan Pai, chairman of Manipal Education and Medical Group, has emerged as a key player in the internal battle at Byju's edtech firm. Pai has acquired a 40% stake in Aakash Institute, Byju's coaching arm, and invested an additional INR 250 crore ($33.07 million) as working capital. Byju's investors have accepted Pai's acquisition of Aakash and are increasingly leaning towards involving him in strategic decision-making. The debt conversion and valuation of Aakash have been major triggers for the investor dispute, with Byju's experiencing value erosion in several acquisitions. The investor battle has also affected Byju's plans to sell assets like Epic and Great Learning.

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.

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