Edtech giant Byju's seeks investors for Aakash Education stake: Report

The company bought Aakash Education for $950 million in 2021

The company organised a town hall with Raveendran to allay apprehensions about the uncertainty around the company's growth and its future

Embattled Indian edtech startup Byju’s is looking for investors to sell a part of its stake in the educational institute Aakash Education Services, television news channel ET Now reported on Friday, citing sources.

Byju’s holding company, Think and Learn, is looking to dilute up to 20% of its total 70% equity stake in Aakash Education, sources told ET Now.

The company bought Aakash Education for $950 million in 2021.

The talks with prospective investors are early and preliminary, the broadcaster reported in a tweet.

Byju’s declined to comment on the report.

The reported plans of stake offloading come as a sharp contrast to the edtech’s earlier plans of listing Aakash Education through an IPO by mid-2024.

Byju’s, embroiled in legal and financial woes, saw three of its independent directors and auditor Deloitte sever ties with the company last week.

Comments

India's Manufacturing Growth Hits 18-Month Low in December: A Year-End Recap

Introduction: As the year came to a close, India's manufacturing sector faced headwinds, experiencing an 18-month low in growth during December 2023. The latest data, compiled by S&P Global in the HSBC India Manufacturing Purchasing Managers’ Index, sheds light on the challenges faced by the industry as it navigated a slowdown in new orders and output. India's manufacturing output hit an 18-month low in December. Decoding the Numbers: In December, the Manufacturing PMI dipped to 54.9, down from 56 in November. Despite this decline, the sector managed to stay above the crucial 50-mark, signifying expansion rather than contraction. Notably, the output rose at the slowest pace in 14 months, indicating a challenging landscape for manufacturing. Expert Insights: Pranjul Bhandari, Chief India Economist at HSBC, offered insights into the situation. "India's manufacturing sector continued to expand in December, although at a softer pace, following an uptick in the previous...

Indian Medical Education In Its Golden Era, Says Junior Health Minister SP Baghel

Addressing the 42nd Foundation Day of the National Board of Examinations in Medical Sciences (NBEMS), Union Minister SP Baghel said healthcare workers have played a major role in enhancing the perception of India as a global powerhouse. Medical education in India is going through its golden era, the Union Minister said. (Representational) New Delhi: Medical education in India is going through its golden era, Union Minister of State for Health SP Baghel said today, asserting that doctors trained here are highly valued globally and one will find an Indian doctor in every part of the world. Addressing the 42nd Foundation Day of the National Board of Examinations in Medical Sciences (NBEMS), he said healthcare workers have played a major role in enhancing the perception of India as a global powerhouse. Union Health Minister Mansukh Mandaviya, delivering the keynote address at the event, said in the last two years 25 courses have been introduced. “This growth serves to provide great...

Kiara Advani on Relationship Rumours With Sidharth Malhotra: 'Right Now I Am Very Happy

Kiara Advani and Sidharth Malhotra will continue to make headlines for the rumoured relationship. Although the actors have not confirmed anything, fans take a great interest in them. The Shershaah actors are often asked about the rumours during their interviews and Kiara always seems to have some witty answer to them. Recently, the JugJugg Jeeyo actress was asked about their relationship and she said that she is very happy both in her personal and professional life. The actress was asked about her alleged breakup during an interview with Navbharat Times to which she answered, “I don’t want to say anything about this. People are writing even when I am not saying anything, so when I say something, I do not know what people will write. Whenever I feel I will definitely speak on this issue. Right now I am very happy in both my personal and professional life." To know more: https://www.news18.com/news/movies/kiara-advani-on-relationship-rumours-with-sidharth-malhotra-right-now-i-am-v...

Summary Station

Search This Blog