In a dramatic reversal of a major edtech acquisition, the co-founder of upskilling platform Great Learning has repurchased its Indian operations from the embattled Byju's for a mere fraction of its original sale price. This move comes as Byju Raveendran and his flagship company, Think & Learn Pvt. Ltd (TLPL), face intense creditor pressure and insolvency proceedings.
The Buyback Deal: A Fraction of the Original Value
Mohan Krishna Lakhamraju, co-founder of Great Learning, executed a cash deal in early 2024 to regain full control of Great Learning Education Services Pvt. Ltd, the Indian entity of the business. According to an executive familiar with the transaction, the buyback was valued at approximately $10 million. This stands in stark contrast to the $600 million that Byju's paid to acquire the entire global franchise of Great Learning in July 2021.
This valuation is supported by documents filed with India's Registrar of Companies (RoC). The Indian unit continues to be a significant revenue generator, bringing in close to ₹500 crore annually.
Insolvency Triggers and Unpaid Dues
The buyback negotiations gained urgency due to two primary factors. Firstly, it has emerged that the $600 million acquisition announced in 2021 was not paid in full by Byju's. Secondly, lenders began aggressively enforcing their rights over Byju's offshore collateral.
In October 2023, financial advisory firm Kroll Pte. Ltd was appointed as a receiver to take control of the Singapore-registered entity, Great Learning Education Pte. Ltd. With the Indian business now back under his wing, Lakhamraju is currently in talks with TLPL's term-loan lenders to acquire this Singapore unit. Lenders are seeking an enterprise value of $150-200 million for the Singapore operations, which are estimated to generate 50% more revenue than the Indian unit.
RoC filings confirm the exit of Byju Raveendran and his brother, Riju Ravindran, from the board of the Indian company as of 30 April 2024. The board now consists solely of Lakhamraju (CEO) and fellow co-founder Hari Krishnan Nair.
Strategic Expansion and Financial Health
Founded in 2013, Great Learning provides online programmes for professionals in fields like data science, AI, cloud computing, and cybersecurity. It operates largely through academic partnerships with institutions like Great Lakes Institute of Management, SRM Institute, and the University of Texas at Austin.
After its acquisition by Byju's, Great Learning itself expanded by purchasing Northwest Executive Education in May 2022 for a reported $100 million. RoC documents show that the Indian company's shareholders have approved related-party transactions worth up to ₹300 crore for fiscal 2026 with these Singapore entities and Great Lakes.
Financially, the Indian unit's revenue grew to ₹470.8 crore in fiscal 2025 from ₹456.4 crore the previous year. Its net loss narrowed sharply to ₹2.2 crore from ₹58 crore in fiscal 2024.
Legal Pathways and the Road Ahead
Legal experts suggest the buyback was likely facilitated by clauses in the original share purchase agreement (SPA). Archana Balasubramanian of Agama Law Associates explained that robust SPAs often include a "wind-back" clause for scenarios where the buyer defaults on deferred payments. The severe discount in Byju's overall valuation made it economically viable for the original founders to repurchase the shares.
The future focus now shifts to Singapore. Lakhamraju's key challenge is to successfully negotiate with the term-loan lenders to acquire the Singapore entity and reunite the global franchise. This deal marks another significant asset slipping from Byju's control, following the takeover of Aakash Educational Services by the Manipal group's Ranjan Pai, underscoring the continued unravelling of the once high-flying edtech empire.
