Byju's seeks investors for Aakash Education stake

Founder of Byju's Byju Raveendran. Credit: Wikimedia Commons

Embattled 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 per cent of its total 70 per cent equity stake in Aakash Education, sources told ET Now.

The company bought Aakash Education for $950 million (Rs 7,798 crore) in 2021.

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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.