Tuesday, July 23, 2024
Outlook India
Outlook Business

Aakash Institute

After major investors Blackrock and Prosus cut the valuation of the edtech firm to $1 billion and $3 billion, respectively, the latest rights issue pegs the pre-money valuation at a meagre $25 million, slumping more than 99% from its peak valuation of $22...

The news comes after reports of Prosus NV, a Netherlands-based global investment firm, sent a notice to Ranjan Pai

According to ET reports, Blackstone and Prosus NV have written to BYJU’S parent entity Think and Learn, expressing their concerns about the matter.

Aakash Institute's board approved converting Pai's $300 million investment in 2023 into equity