Byju’s, the IPO-linked edtech major, has temporarily halted ads featuring Bollywood superstar Shah Rukh Khan as his son Aryan Khan comes under investigation for drug trafficking.
According to reports, Byju has stopped all ads featuring his brand ambassador Shah Rukh Khan, apparently after social media users criticized the edtech company for approving ads featuring the actor.
Shah Rukh has been associated with Byju since 2017.
Aryan Khan was arrested last Sunday along with seven other people when the Narcotics Control Bureau (BNC) arrested a drug party aboard a cruise ship off the coast of Mumbai.
Byju’s is looking to raise $ 400 million to $ 600 million ahead of its IPO next year. Byju’s recent regulatory filing revealed that it had seen an 80 percent revenue growth, but that its expenses were also up 30-fold from last year.
The company is looking to file the papers for its public offering early in the second quarter of next year, which could be one of the largest in India after Paytm’s scheduled IPO in October at an estimated valuation of around $ 25-30 billion.
The edtech space has seen strong growth globally, including in India, with the COVID-19 pandemic serving as an inflection point. Many offline courses have been brought online to ensure continuity of education while meeting social distancing standards.
(With PTI entries)
(Edited by : Aditi Gautam)
First publication: STI