Byju’s global lenders are in advanced discussions to acquire roughly a 30% stake in Aakash Educational Services, one of the Indian edtech company’s key partially owned assets, while simultaneously agreeing to withdraw all ongoing legal action against founder Byju Raveendran.
Byju’s, once a dominant global edtech player operating in over 21 countries, rose to prominence during the Covid-19 pandemic due to its online learning platforms.
However, its financial troubles began in early 2023 following a dispute with US-based lenders over unpaid loans.
Glas Trust, representing a group of US lenders, accused Raveendran of mismanagement and sought repayment of around $1 billion after…