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Why Aakash’s fundraise is now a proxy fight over Byju’s ownership
Mint Ahmedabad
|December 02, 2025
Beset Aakash Educational Services Ltd (AESL) thought a $250-crore rights issue would be its big reset after senior exits and a swing to losses in FY23.
The test-prep chain, once a profit engine for Byju’s, needs fresh capital to steady operations and fund growth.
The board opened the first $100-crore tranche to existing investors, including all major shareholders, such as Think & Learn Pvt. Ltd (TLPL), wiring their proportional amounts. However, AESL has now put TLPL’s $25-crore allotment on hold, stating that the funds do not comply with Foreign Exchange Management Act (Fema), the Companies Act, and External Commercial Borrowings (ECB) rules.
Mint explains what that dispute means:
How Aakash got here
The $250-crore rights issue follows a months-long legal tussle over Aakash’s plan to raise fresh capital via a shareholder offer. The fundraise was challenged by Byju’s, which acquired Aakash in a cash-and-stock deal worth about $950 million in April 2021, and one of its creditors.
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