Aakash CFO Vipan Joshi departs amid capital-raising plans

Vipan Joshi, chief financial officer (CFO) of Aakash Educational Services Limited (AESL), has stepped down from his post after a nine-year stint at the test-prep company.

Having joined Aakash in October 2016 and worked his way up to CFO by 2022, Joshi shared a LinkedIn post about his departure from the company, which is presently trying to raise fresh capital.

Joshi described his time at Aakash Institute as “an incredible journey — full of learning, growth, challenges, and memories I’ll always cherish.” He recalled having “the privilege to work with some truly inspiring colleagues and mentors” who made his experience both rewarding and enriching.

Without disclosing specific details about his next steps, Joshi remarked, “As I move forward to explore new horizons, I carry with me everything I’ve learned and the wonderful relationships I’ve built here…. Here’s to new beginnings, continued learning, and exciting adventures ahead.”

Mint was the first to report on the latest development regarding Joshi’s exit.

YourStory has reached out to Aakash with queries.

Reports in September 2023 suggested that Joshi was set to leave Aakash, coinciding with the departure of then-CEO Abhishek Maheshwari from the test-prep firm. Although Deepak Mehrotra was appointed managing director and chief executive officer of AESL in April 2024, no official announcement was made regarding a new CFO.

Joshi’s departure comes a few months after that of Mehrotra, who was succeeded by Chandra Sekhar Garisa Reddy on August 19. Before joining Aakash, Garisa served as managing director at Claypond Capital, the family investment office of Ranjan Pai, the largest shareholder in the test-preparation firm.

Aakash, striving to distance itself from the challenges surrounding BYJU’S, is grappling with its own share of issues, including recent leadership changes and plans to secure new funding.

Efforts were made at various tribunal levels to block an extraordinary general meeting of shareholders convened to approve a rights issue intended to raise funds from existing and other investors.

These attempts were dismissed by the relevant insolvency and appellate tribunals, and the Supreme Court also declined to intervene.

In a recent order, the Supreme Court allowed Aakash to move ahead with the process. On 3 November, it declined to halt the proposed rights issue, which could reduce BYJU’S stake to below 5% from around 25.75% .

The test-prep firm is now expected to proceed, with the new capital likely to be used to stabilise operations.