The Aakash saga and its many winners and losers

Manipal Group scion Ranjan Pai has converted his debt for a 40% stake in the test-prep company, as Byju’s inches closer to losing its crown jewel.

After a year and a half of drama surrounding Aakash Educational Services, which saw the test-prep company swinging from one extreme to another as a result of an ambitious takeover by edtech firm Byju’s and the lack of vision to see it through, the spectacle seems to have finally reached a climax. 

Last week, Ranjan Pai, the chairman of the Manipal Education and Medical Group and co-founder of Aarin Capital—Byju’s earliest investor—became the largest shareholder in Aakash after converting the debt he took over from US-based investment fund Davidson Kempner Capital Management for a 40% stake in the test-prep company. …


Pradip K. Saha

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.

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