Who is Ranjan Pai, the savior of Byju by buying a big stake in Aakash Institute
Edtech Byju is going through financial crisis. Byju's founder Ravindran Byju is burdened with debt. To reduce the debt, Byju is selling the stake of its owned Aakash Institute. Byju, who is in trouble, has found his savior.
The Kalamkar News, Byju Crisis: Edtech Byju is going through financial crisis. Byju's founder Ravindran Byju is burdened with debt. To reduce the debt, Byju is selling the stake of its owned Aakash Institute.
Byju, who is in trouble, has found his savior. Ravindran Byju, who has been trying to raise funds to repay the loan for a long time, has found a partner in the crisis. Ranjan Pai, Chairman of Manipal Education and Medical Group, has emerged as a partner in big trouble for them.
Byju's partner in trouble
Ranjan Pai has bought a major stake in Byju-owned Aakash Institute. Ranjan Pai has become the largest shareholder in Aakash Institute with 40 percent shares.
Let us tell you that in the year 2021, Byju's parent company Think and Learn had bought Aakash Institute for $950 million. Now Manipal Education and Medical Group has bought 40 percent of its shares. Let us tell you that Aakash Institute runs coaching for medical and engineering examinations across the country.
300 million dollar investment
Ranjan Pai had invested $300 million in Akash in the year 2023. The company has approved converting it into equity. The value of the company in this deal is around $700 million.
Aakash is a debt free company. However, no comment has been made by Ranjan Pai and Byju Raveendran regarding this deal.
Earlier in November this year, Pai had invested about $200 million in Akash. Even at that time Pai had proved to be a boon for Byju. Byju had used that amount to repay the loan.
Who is Ranjan Pai?
Dr. Ranjan Pai, born on 11 November 1972 in Bangalore, is a doctor by profession. He entered the industry as a doctor by profession.
He started it as the MD of Melaka Manipal Medical College, Lesia. In the year 2000, Ranjan Pai started Manipal Education and Medical Group from his rented house in Bengaluru. He started his business with 200000 US dollars, whose valuation is now 3 billion dollars.
6 universities and 28 hospitals run under Manipal Education and Medical Group. Talking about Ranjan Pai's net worth, according to Forbes his wealth is around $2.8 billion. Apart from the country, his company also runs universities in Malaysia, Dubai, Nepal, Antigua. Apart from this, his company also runs Manipal Singana Health Insurance Company.