Edtech giant Byju's to raise funds by paring stake in subsidiary Aakash

After announcing that it will launch the initial public offering of its subsidiary Aakash by mid-next year, media reports are suggesting that edtech giant Byju’s is now looking to raise funds by selling part stake in Aakash.

According to a media report by ET Now, Byju’s parent firm Think & Learn is planning to sell almost 20 per cent stake in the company. The edtech giant holds 70 per cent stake in the company.

This news could not be independently confirmed. Byju's declined to comment on the issue. 

The news comes in the midst of buzz that Byju’s is close to raising $1 billion from investors. “This can happen in a week or 10 days or even take a month,” said a source in the know.

Meanwhile, Byju’s Raveendran has been trying to fire-fight the crisis the company has been battling. On Thursday in a town hall he addressed employees and said that the last few months have been a struggle, but the company will be out soon. Before that he addressed shareholders on the sudden resignation of auditors and board members.