IPO-bound edtech major Byju's has temporarily halted advertisements featuring Bollywood superstar Shah Rukh Khan as his son Aryan Khan undergoes a drug bust probe.
According to reports, Byju's stopped all ads featuring its brand ambassador Shah Rukh Khan, apparently after social media users criticised the edtech company for endorsing the advertisements featuring the actor.
Khan has been associated with Byju's since 2017.
Aryan Khan was arrested last Sunday with seven others when the Narcotics Control Bureau (NCB) busted a drugs party onboard a cruise ship off the Mumbai coast.
Byju’s is looking to raise $400-600 million ahead of its IPO next year. Byju’s recent regulatory filing revealed that it recorded an 80 percent growth in its revenue but expenditure had also shot up by 30 times over last year.
The company is looking to file the papers for its public offering in the second quarter of next year which may be one of the largest in India after Paytm’s expected IPO in October at a valuation thought to be 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 classes went online to ensure continuity of education while adhering to social distancing norms.
(With inputs from PTI)
(Edited by : Aditi Gautam)
First Published: IST