Ranjan Pai to own 40% in Byju’s Aakash Institute, make it debt-free

Ranjan Pai, the chairman of Manipal Education and Medical Group, may emerge as the majority shareholder in Aakash Institute, owned by Byju’s, with 40 per cent stake, according to a report by The Economic Times (ET). The Aakash board has reportedly given the green light for the conversion of Ranjan Pai’s $300 million investment made during 2023 into equity. This move values Aakash Institute, one of Byju Raveendran’s key assets amid challenges in the edtech sector, at approximately $700 million and would position it as a debt-free entity.

Aakash Education Services Ltd (AESL), a coaching centre for medical and engineering students, was acquired by Byju’s parent company, Think & Learn, for $950 million in 2021.