An incredibly loud whisper is echoing in India’s once-bustling edtech space: BYJU’S came, BYJU’S ruled, and BYJU’S killed. From Aakash to WhiteHat Jr to Great Learning to EPIC and dozens of other companies — the fall of BYJU’S, once valued at $22 Bn, has also reversed the trajectories of startups that had looked to bank on BYJU’S scale to grow.

Even through the turmoil, two of these acquisitions showed resilience, not only succeeding in stepping out of the blues, but also making significant progress in going back to profits.

Aakash Educational Services went from being owned by the Chaudhry family to BYJU’S and now to Ranjan Pai’s family office, which today holds a majority stake in the coaching giant.

On the other hand, Great Learning was unique in the sense that its three founders continued to run the business even after being acquired by BYJU’S. And Great Learning cofounder and CEO Mohan Lakhamraju believes that this has allowed his company to survive the BYJU’S disaster.

For context, BYJU’S acquired Great Learning in 2021 in a $600 Mn deal, but the CEO said that this amount was less than what BYJU’S was actually willing to offer.

“At the time of the acquisition, we opted for $100 Mn less than what was proposed because we wanted this company to be run independently with the founders at the helm. Of course, we have seen the fate of the companies that BYJU’S acquired where the operations and workforce were integrated,” Great Learning cofounder Lakhamraju told Inc42.

The Inside Story: Great Learning’s Experience Under BYJU’S

Founded by Lakhamraju, Arjun Nair, and Hari Krishnan Nair in 2013, Great Learning was acquired by BYJU’S for its upskilling platform, which targetted courses in data science and artificial intelligence in partnership with top global institutes such as IIT Bombay, Johns Hopkins University and Duke University.

This was BYJU’S first attempt to enter the tech skill development space, as the edtech giant looked to branch out beyond test prep after raising more than $1 Bn in 2021. But unlike the others which BYJU’S has either written off or shut down, Great Learning has survived attempts by BYJU’S to sell off the company.

Lakhamraju revealed that as BYJU’S was teetering on the brink of bankruptcy, it wanted to sell Great Learning in 2023-24 to pay off a part of the $1.5 Bn debt being recalled by US creditors.

“Yes, Great Learning was up for sale at one point. But it didn’t materialise. BYJU’S was to pay a certain amount as a part of the deal. That wasn’t honoured either. So, we took back the equity in response to non-payment of the cash component. The equity held by Think & Learn [BYJU’S........

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