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Byju’s, an Indian education company, is looking for investors to acquire a stake in Aakash Education – ET Now.

ReutersJune 30, 2023

BENGALURU (Reuters) – Embattled Indian edtech startup Byju’s seeks investors for stake sale in Aakash Education Services

Byju’s, the leading edtech startup in India, is reportedly looking for investors to sell a portion of its stake in Aakash Education Services, according to television news channel ET Now. The company’s holding company, Think and Learn, is planning to dilute up to 20% of its 70% equity stake in Aakash Education, sources revealed.

The acquisition of Aakash Education by Byju’s was valued at $950 million in 2021. The talks with potential investors are still in the early stages, as reported by ET Now. Byju’s has declined to comment on the matter.

This move to sell a stake in Aakash Education is a significant shift from Byju’s previous plans of listing the educational institute through an IPO by mid-2024. The company has been facing legal and financial challenges, with three independent directors and auditor Deloitte severing ties with Byju’s just last week.

(Reporting by Hritam Mukherjee in Bengaluru; editing by Eileen Soreng)

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