The move could lead to a cash crunch at the test-prep company in the coming months.
Byju’s is not letting go of any opportunity to suck out cash from Aakash. India’s largest education technology company, which is fighting multiple battles at home and overseas, took out more than Rs 300 crore from the operational account of Aakash Educational Services, according to two people in the know, who requested anonymity.
Byju’s acquired the test-prep company in April 2021 for nearly $1 billion in cash and stock in one of the biggest edtech deals in the world. But ever since, the relationship between the two companies and their respective shareholders has been fraught with conflict, amidst allegations of …
Pradip is a co-founder at The Morning Context and leads our newsletters vertical. He has previously worked at The Ken as a staff writer, at Mint as an assistant features editor and the Deccan Chronicle as a copy editor. He works with a slew of expert newsletter writers across subjects and domains. His own writing spans the gig economy, farmers caught in the crossfire of technology, global warming and parents trapped in the edtech wave. Some of his best stories have come at the intersection of technology and human endeavour.
Editor, Newsletters
pradip@mailtmc.com
Delhi