Edtech giant Byju’s is looking for investors to sell a part of its stake in the educational institute Aakash Education Services, television news channel ET Now reported on Friday, citing sources.
Think & Learn, Byju’s holding company, is looking to dilute up to 20% of its total 70% equity stake in Aakash Education, the ET Now report added.
Byju’s had acquired Aakash Education for $950 million in 2021.
The talks with prospective investors are early and preliminary, read a tweet from ET Now.
The reported plans of offloading a stake come as a sharp contrast to the edtech’s earlier plans of listing Aakash Education through an IPO by mid-2024.
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Byju’s is embroiled in legal and financial woes, and saw three of its independent directors and auditor Deloitte step down last week.
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