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White knight in control? Ranjan Pai seen setting course at Aakash

Economic Times · 1y

Ranjan Pai, chairman of Manipal Education and Medical Group, has emerged as a key player in the internal battle at Byju's edtech firm. Pai has acquired a 40% stake in Aakash Institute, Byju's coaching arm, and invested an additional INR 250 crore ($33.07 million) as working capital. Byju's investors have accepted Pai's acquisition of Aakash and are increasingly leaning towards involving him in strategic decision-making. The debt conversion and valuation of Aakash have been major triggers for the investor dispute, with Byju's experiencing value erosion in several acquisitions. The investor battle has also affected Byju's plans to sell assets like Epic and Great Learning.