Beleaguered edtech pioneer Byju’s seems to have found a white knight in Manipal Education and Medical Group’s (MEMG) Ranjan Pai, who has acquired a 40 per cent stake in Byju-owned Aakash Institute.
Manipal chief Ranjan Pai will invest the new tranche of capital sooner in Aakash ahead of key student enrolment season, people aware of the discussions said. Sources at Aakash also said the coaching unit will require additional investment from Pai for it to be able to run operations and scale the business during the next few months when students enroll in these centre.
The chairman of Manipal Education and Medical Group, Ranjan Pai, and Edtech giant BYJU'S are engaged in a financial battle as the former seeks to overcome obstacles and seize chances.
The constantly changing landscape of the edtech industry has put BYJU's-owned Aakash Institute in the public eye. The controversy has been sparked by the recent move of Manipal Education and Medical Group (MEMG) founder Ranjan Pai to convert a $300 million investment into shares.