Friday, April 12, 2024
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Think And Learn

Manipal Group chairman Ranjan Pai is set to become the largest shareholder in Aakash Institute with a 40 percent stake in the company after the legal win.

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...

This is significantly lower than the edtech's last funding round where its valuation stood at $22 billion

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

An employee claimed that the full and final settlement of many employees whom he knows has not been settled yet

Deloitte Haskins and Sells resigned three years prior to the expiry of its contract due to a long delay in the edtech firm's financial statement for FY2021-22