Byju's-Owned Aakash Appoints Pearson India Former MD As New CEO
The company said Mehrotra's appointment is part of Aakash's strategic vision to enhance its offerings and expand its reach.
Byju's test prep acquisition, Aakash Educational Services Ltd., has named former Pearson India head Deepak Mehrotra as its new chief executive officer, filling a post lying vacant for months.
Mehrotra has joined at the helm of the coaching giant nearly seven months after previous CEO and co-founder Aakash Chaudhry quit the firm.
He has joined Aakash from Ashirvad Pipes Pvt., where he was managing director. He has also worked at Pearson India Education Services Pvt., Bharti Airtel Ltd., Coca-Cola, and Asian Paints Ltd.
"With over 35 years of experience in executive roles, he brings a wealth of knowledge and expertise to drive AESL's vision forward and capitalise on emerging opportunities in the education sector," a statement reads.
The company said Mehrotra's appointment is part of Aakash's strategic vision to enhance its offerings and expand its reach.
"As we enter the next phase of growth, it's our pleasure to welcome Deepak to lead AESL. In his role as CEO, he will be responsible to deliver on our aggressive growth plan and to build on the significant momentum the company is currently experiencing," said Byju Raveendran, chairperson of Byju's. "His business acumen and stellar record as the managing director for Pearson India will be pivotal in leading Aakash Byju's into its next phase of growth and impact."
The changes at the top come months after Ranjan Pai, the billionaire chairperson of Manipal Education and Medical Group, became the largest shareholder in Aakash. Pai now holds 40%, with Byju Raveendran's stake at 15% and Think & Learn Pvt. owning 26%. The remaining 18% stake remains with promoters Blackstone and founder family Chaudhrys.
Aakash is also one of the few bright spots left in Byju's acquisition kitty, with the offline coaching giant consistently posting profits. For FY22, it posted a 44% increase in top line to Rs 1,421.2 crore, with an uptick in profit after tax at Rs 79.5 crore from Rs 43.6 crore in FY21.
Byju's has also not shared any incremental details on a possible Aakash initial public offering, which the board had announced in June last year. Byju's had then said that Aakash's IPO would be launched in mid-2024.
