Manipal Group chairman Ranjan Pai in talks to invest in Byju’s-owned Aakash
Manipal Group Chairman Ranjan Pai is in early discussions to invest in Byju’s-owned Aakash Educational Services Limited (AESL).
According to sources in the know, Byju’s founder and Chief Executive Officer Byju Raveendran, who owns a 30 per cent stake in Aakash, is expected to partially offload his holding to Pai for $80-90 million (about Rs 650-740 crore).
Raveendran may use the money to repay a large part of the Rs 800 crore loan that Byju’s raised from US-based investment firm Davidson Kempner Capital Management in May, after facing a ‘technical default’, the sources said.
Pai, one of Byju’s early investors, had first invested in the edtech start-up in 2011 through his venture capital fund Aarin Capital. Aarin eventually exited t...