Fresh out of Byju's clutches, Great Learning turns a new leaf
Subscribe to enjoy similar stories. Months after slipping into the hands of Byju’s lenders, Great Learning is back in the black, mapping out an ambitious new chapter that could lead to an initial public offering (IPO). Flush with profitability and bolstered by organic growth, the edtech platform is now charting a course away from the turbulence at its former parent, Byju’s.
Founder Mohan Lakhamraju emphasized Great Learning's commitment to self-sufficiency. "We don’t want to depend on anyone else to bring in cash. We are operating with our own funds, and everything we generate is being reinvested in the business," he said in an interview with Mint.
Founded in 2013 by Lakhamraju, Hari Krishnan Nair, and Arjun Nair, Great Learning specializes in hybrid higher education and professional programmes. In 2021, it was acquired by Byju’s, the beleaguered edtech giant, for $600 million in cash and equity. At the time, Byju’s had raised $1.2 billion through a term loan B from overseas markets, earmarked for North American expansion and aggressive growth.
But by 2022, cracks began to show. Byju’s defaulted on its loan payments, triggering a protracted legal battle with its US lenders. The dispute resulted in lenders seizing mortgaged assets, including Great Learning and Byju’s Singapore unit in October 2023 , following the edtech giant's financial default.
Read this | Founders look to buy Great Learning back Now, Great Learning operates under lender ownership, with its management team steering the company toward profitability and exploring exit options for its new stakeholders. “We will, at a later stage, consider an IPO or a strategic sale to provide an exit to these investors," said Lakhamraju. Meanwhile, troubled edtech giant
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