Manipal Group’s Ranjan Pai is set to get a 40% stake in BYJU’S-owned Aakash Institute, while Equirus has launched a $25-million investment vehicle to fund seed-stage tech companies.
Ranjan Pai to be largest shareholder in Aakash
Ranjan Pai, Chairman of Manipal Education and Medical Group, is set to emerge as the largest shareholder in BYJU’S-owned Aakash Institute with a 40% stake, The Economic Times reported.
The Aakash board has approved the conversion of the $300 million Pai invested last year into equity, they added.
This values the company — one of the remaining valuable assets for Byju Raveendran’s troubled edtech group — at around $700 million and renders it debt-free.
BYJU’S acquired the brick-and-mortar coaching chain for $950 million in 2021.
Equirus fund to invest in seed-stage tech startups
Equirus, a leading financial services firm, said it has launched a $25-million investment vehicle called the Equirus InnovateX Fund (EIF).
The key investment themes for EIF include Software-as-a-Service (SaaS), deep tech, fintech, and other emerging sectors, with a primary focus on business-to-business (B2B) themes.
The fund will invest $500,000 to $1 million in 15-20 companies.
“Post-2022, there has been a discernible shift in investment approach. We expect this recalibration in venture investing to continue. Capital deployment will remain cautious and favour sustainable business models with robust monetisation potential,” said Sunder Nookala, early-stage VC and head of tech & digital at Equirus.