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Byju's arm gets $168 mn boost from Ranjan Pai
Business Standard
|November 11, 2023
Manipal Education and Medical Group chairman Ranjan Pai has invested $168 million (₹1,400 crore) in beleaguered edtech firm Byju's' test-prep subsidiary Aakash Educational Services Limited (AESL). This would help cash-strapped Byju's repay the loan that the company raised from US-based investment firm Davidson Kempner Capital Management in May, after facing a 'technical default', according to people familiar with the matter.
As reported by Business Standard earlier, Pai is in discussions to invest about $350 million as equity and debt in Byju's, according to sources.
"The family office of Ranjan Pai has taken over the debt exposure of Davidson Kempner in AESL," said a person with knowledge about the development. "He is partnering with primary shareholder Byju's and its founder Byju Raveendran in steering the tutorial chain forward."
In May 2023, Bengaluru-based Byju's signed a ₹2,000 crore ($250 million) round from Davidson Kempner in a structured instruments deal. It was a loan and had an equity upside linked to the company's subsidiary AESL's public listing in the near future, according to sources. However, the firm only received about
Dit verhaal komt uit de November 11, 2023-editie van Business Standard.
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