It will own the single-largest interest (40%) in the billionaire Byjus owned company Akash

It will own the single-largest interest (40%) in the billionaire Byjus owned company Akash

It will own the single-largest interest (40%) in the billionaire Byjus owned company Akash

In April 2021, Byju's purchased Aakash Institute for $950 million, or around ₹7885 crore.

Dr. Ranjan Pai, the chairman of the Manipal Group and, according to Forbes, has a current net worth of $2.8 billion. He has invested $300 million in stock in Byju-owned Aakash Institute, making him the biggest stakeholder. The conversion has been accepted. The Economic Times has reported by 2023.

A guy passes an advertisement for Byju, a New Delhi-based business that specializes in education technology and is among the biggest in India.

Pai becomes the single-largest stakeholder in the entrance test preparation company, Aakash, after conversion of his interest, which he purchased for $950 million (about ₹7885 crore) in April 2021. Was.

Pai is now the biggest stakeholder after the transaction was authorized by the board. He has worked extensively with co-founder and CEO Byju Raveendran to find solutions for several issues, including the Davidson Kempner loan. "The compensation aspect will be pivotal to the destinies of Akash and Byju," an individual with knowledge of the situation informed the newspaper.

Furthermore, Sky is debt-free after turning the billionaire doctor's investment into shares at a $700 million valuation. But all told, Raveendran, who co-founded the troubled edtech behemoth that was once India's most valuable startup, and its parent company Think & Learn still own 42% of Aakash, with the Chaudhary family—Aakash's promoters—and private equity firm Blackstone holding the remaining 18%.

In addition, the 72-year-old Manipal Group chairman receives a second seat on the Akash board, gaining clearance from the antitrust commission for his stake.