After a seven-month vacancy, Aakash, owned by Byju’s, is set to appoint Deepak Mehrotra, former MD of Pearson India, as its CEO. Mehrotra’s appointment follows the departure of the former CEO and CFO of Aakash last September.
Previously, Mehrotra served as MD at Ashirvad Pipes for five years until September 2023. Byju’s acquisition of Aakash in April 2021, with a 70% cash and 30% equity deal, facilitated profitable growth and helped offset losses from other acquisitions like WhiteHat Junior and Osmo.
The new CEO appointment comes amidst speculation of Aakash Chaudhry’s return, which did not materialize due to ongoing liquidity issues at Byju’s. Mehrotra brings a wealth of experience from his leadership roles in various organizations.
His appointment coincides with financial strain at Byju’s, which is facing challenges meeting financial obligations to stakeholders, including salary payments and operational expenses. Additionally, an emergency arbitrator has halted the sale of a 6% stake in Aakash Education Services Limited due to non-payment of funds to MEMG Family Office.
Mehrotra’s leadership at Aakash arrives at a critical juncture, navigating financial constraints and stakeholder concerns within the Byju’s ecosystem.
