Byju's Seeks Investors To Acquire Stake In Aakash Education: Report Byju's holding company, Think and Learn, is looking to dilute up to 20% of its total 70% equity stake in Aakash Education, as per the report
By Teena Jose
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Edtech startup Byju's is looking for investors to sell a part of its stake in the educational institute Aakash Education Services. According to an ET Now report, Byju's holding company, Think and Learn, is looking to dilute up to 20% of its total 70% equity stake in Aakash Education.
The company bought Aakash Education for $950 million in 2021. Taking to Twitter, the broadcaster said that, "The talks with prospective investors are early and preliminary."
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 Raveendran, the CEO of the edtech firm, yesterday said while addressing the employees that the company will bounce back strongly and the best of Byju's is yet to come.
Raveendran shared that Byju's is close to achieving profitability at the group level, demonstrating the company's commitment to financial management and optimisation of operations. He also said that issues with $1.2-billion Term Loan B lenders are being resolved through discussion and hope of a positive outcome in the next few weeks without the court's intervention, adding that the company is mainly focusing on resolving current issues as soon as possible.
