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Pai paid Rs 1,400 crore, inclusive of interest, to fully settle the Rs 800 crore loan that Byju’s had obtained from Davidson Kempner
The chairman of Manipal Group, Ranjan Pai, is one of the major figures creating news in the Indian edtech sector, which is going through a transformative phase. His large investment in BYJU'S subsidiary Aakash Educational Services Limited (AESL) has the power to completely change the Indian edtech market.
When the full investment is completed, Pai is set to secure a substantial 20-25 per cent stake in Aakash, while Byju’s personal stake is expected to decrease to approximately 12 per cent.
The recent business restructuring at BYJU’S would lead to the company achieving break-even by the fourth quarter of FY24
The sacking of more than 4,000 employees shows us that BYJU’S is plagued by some very old problems that have become hard to get rid of