Great Learning co-founder buys back Indian unit from Byju's

The co-founder of upskilling business Great Learning that e-learning platform Byju's had acquired in 2021 has bought back the Indian unit of the sold company for a fraction of the $600 million that it was sold for, according to an executive with knowledge of the transaction, an account that is backed by documents filed with India's registrar of companies (RoC).

- Salman S.H. & Sneha Shah

As millionaire businessman Byju Raveendran and Think & Learn Pvt. Ltd, or TLPL, the flagship company in his edtech empire once courted by top venture funders and private credit companies of the world, battle creditors in insolvency proceedings, it has emerged that Mohan Krishna Lakhamraju struck a cash deal early in 2024 to buy back full control of Great Learning Education Services Pvt. Ltd, a business formerly owned by him and co-founders, one which still turns in revenues of nearly ₹500 crore a year in India.

The executive, who insisted on staying off the record, said $10 million was the value at which the Indian unit was bought back. Mint could not confirm this independently.

Mint has also learnt Lakhamraju is negotiating with TLPL's term loan lenders, who are rapidly moving to assert control over the assets linked to Byju's overseas entities to whom they lent money with group company shares as collateral, to acquire Singapore-registered Great Learning Education Pte. Ltd. The lenders are seeking an enterprise value of around $150-200 million for the Singapore unit, said the executive quoted without name earlier. Enterprise value, often referred to as the total value of a business, adds up the value of the shares and debt net of cash and cash equivalents on its books.

RoC filings show that shareholders of Great Learning Education Services Pvt. Ltd, the Indian company now controlled by Lakhamraju, approved a spending of up to ₹300 crore in related party transactions involving Singapore companies Great Learning Education Pte. Ltd, Northwest Education Pte. Ltd and Northwest Executive Education Pte. Ltd besides Chennai management school Great Lakes Institute of Management. The b-school and Great Learning companies are not related by shareholding, per RoC documents, but Lakhamraju chairs the former.