Byju's seeks investors for Aakash Education stake: Report

Embattled edtech major Byju's is looking for investors to sell a part of its stake in the educational institute Aakash Education Services, said a report on Friday.

Byju's holding company, Think and Learn, is looking to dilute up to 20% of its total 70% equity stake in Aakash Education, sources told ET Now.

The company bought Aakash Education for $950 million in 2021.

The talks with prospective investors are early and preliminary, the channel said.

The reported plans of stake offloading come as a sharp contrast to the edtech firm'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.

Byju's is growing slowly but sustainably and is close to achieving profitability at the group level, the company's CEO Byju Raveendran said on Thursday.

The company organised a town hall with Raveendran to allay apprehensions about the uncertainty around the company's growth and its future.

Raveendran said that issues with $1.2-billion Term Loan B lenders are being resolved through discussion and hopeful of a positive outcome in the next few weeks without the court's intervention.

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.