MC Tech3 | Byju's likely to get a lifeline from Ranjan Pai; PayU's big bet on India; and more

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In today’s newsletter:

• Will Ranjan Pai be the white knight for Byju's
• PayU goes all-in on India after Global Payments sale
• StrideOne to expand reach with LetsVenture

Will Ranjan Pai be the white knight for Byju's

Byju’s founder Byju Raveendran's tale evokes a sense of familiarity, akin to a typical Bollywood drama. Just like the protagonist in a movie facing adversity, Raveendran is seeking refuge in one of his dependable confidants to find a way out of his predicament.

What’s happening?: Raveendran has turned to Ranjan Pai, one of the company’s earliest investors, to seek fresh funding for Byju’s’ wholly-owned subsidiary, Aakash Educational Services.?

• Pai and Raveendran are evaluating an $80-90 million funding round, in which Raveendan would sell a part of his own stake in Aakash.
• Raveendran will use the funds to repay approximately Rs 800 crore to Davidson Kempner, due to Byju's technical loan default in May.
• Byju’s also seeks another $200 million in Aakash as part of the funding round. If Pai comes aboard, Raveendran won’t find it hard to bring in global funds.

Also read: Byju's sends notice to Aakash founders demanding share transfer

The saviour: Pai had first placed a bet on Byju’s when the company was just starting. Over the next decade, it went on to become the world’s most-valued edtech startup.?

• However, a steep decline followed, prompting Raveendran to return to where it all began for him.
• Only time will tell if lightning strikes twice. If that happens, Pai will indeed become the white knight for Byju's.

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