Aakash CFO Vipan Joshi Resigns amid Financial Turmoil

Aakash Educational Services' CFO Vipan Joshi steps down as the company struggles with financial pressure and legal woes.

Aakash Educational Services Ltd. (AESL) has also declared that its Chief Financial Officer (CFO), Vipan Joshi, has resigned, a move that is another high-profile exit since the company continues to wrestle with its financial and legal woes. The CFO, who joined Aakash in 2016 and took over the position in 2022, announced his exit on LinkedIn and served almost ten years with the test-preparation major.

Prior to joining CFO, Joshi worked in critical finance positions at Vulcan Express, which is a subsidiary of Snapdeal, and at Grofers (now Blinkit). His departure is the second after Deepak Mehrotra, the previous CEO, resigned in August 2024, and it is an opportune moment when Aakash is already struggling to meet its cash needs and even prepare regulatory filings.

The exit of the CFO is paralleled to the attempt of Aakash to raise capital by means of a rights issue that was sanctioned by shareholders on October 29. The acquisition is projected to dilute the interest that Byju has in Aakash by a margin of 25.75 percent to 6.125 percent since Byju still has insolvency cases in progress.

Having been a 58 percent stakeholder in Aakash, the new CEO, Chandra Sekhar Garisa Reddy, is tasked with the challenge of stabilization of operations. The resignation of the CFO highlights the accruing leadership and financial challenges that one of the most recognizable education brands in India faces.