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Founders look to buy Great Learning back
Mint Mumbai
|October 05, 2023
The founders of Great Learning are trying to line up investors to buy back the online education provider from Byju's, two people aware of the discussions said.
The management buyback will allow the founders to continue to run the firm and receive equity payouts in return.
The proposed buyback follows Byju's efforts to monetize some of its assets to repay its lenders. The edtech company is also in advanced talks to sell the US kids' reading platform Epic, a deal that is likely to close first.
The founders of Singapore-based Great Learning Mohan Lakhamraju, Hari Krishnan Nair and Arjun Nair-sold a controlling stake to Byju's in 2021 for $600 million in cash and stock. The deal included several milestone payments as well.
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