Byju’s-owned Aakash Institute has appointed Deepak Mehrotra as its managing director and chief executive officer, as stated in a company announcement on Monday. With over 35 years of experience spanning various sectors including FMCG, telecom, and education, Mehrotra brings a wealth of executive expertise to his new role.
Prior to joining Aakash, Mehrotra served as the Managing Director at Ashirvad Pipes and held positions at Pearson India, Bharti Airtel, Coca-Cola, and Asian Paints.
Byju Raveendran, the founder and chairman of Byju’s, expressed confidence in Mehrotra’s ability to drive aggressive growth and capitalize on the company’s current momentum. Raveendran emphasized Mehrotra’s proven track record, particularly his tenure as the managing director for Pearson India, which is expected to play a crucial role in propelling Aakash Byju’s forward in its next phase of growth and impact.
Reports from ET on March 28 indicated a shift in leadership plans for the brick-and-mortar coaching firm, with Aakash Chaudhry, the promoter, unlikely to return to a leadership role. With changes in Aakash’s ownership structure, discussions regarding Chaudhry’s return have ceased.
Ranjan Pai, chairman of the Manipal group and a significant investor in Aakash Institute, has played a pivotal role in the company’s operations, including providing additional capital for daily operations.
Despite Chaudhry still holding around 11% ownership in Aakash, along with investment fund Blackstone owning 7%, the majority stake is controlled by Raveendran, Think & Learn, the parent company of Byju’s, and Pai.
Recent reports suggest that Pai is prioritizing safeguarding his investments across Byju’s group companies amid ongoing disputes. Pai has taken steps to address financial issues, including initiating arbitration proceedings over a loan sanctioned to Think and Learn.
Pai’s involvement in resolving previous financial challenges, such as the Davidson Kempner debt issue for Raveendran, underscores his significance in the Byju’s ecosystem.
