Manipal Group confirms bid to acquire bankrupt Byju’s parent company

The Manipal Group on Thursday confirmed that it has submitted a bid to acquire Think & Learn Pvt. Ltd., the parent company of the bankrupt edtech firm Byju’s.

Earlier, it was revealed that the Ranjan Pai-led group had filed an expression of interest (EOI) to take over the struggling company. According to a statement from Manipal Education and Medical Group India Pvt. (MEMG), the EOI has been “formally submitted.”

Documents filed with the Resolution Professional (RP) show that MEMG India has requested inclusion in the list of Prospective Resolution Applicants (PRAs). The company has also expressed interest in examining Byju’s financial and operational records to evaluate a possible resolution plan.

This marks the second EOI submission from MEMG, following an extension of the deadline for applications to November 13, 2025. The company said that the submission includes all required statutory undertakings under the Insolvency and Bankruptcy Code (IBC), 2016.

The company’s statement said that the Resolution Professional would review eligibility, issue a provisional list of PRAs, and later a final list after verification and approval from the Committee of Creditors (CoC).

However, MEMG clarified that submitting an EOI does not guarantee that it will be shortlisted or approved for the next stage. It is understood that MEMG India is currently the only applicant to have submitted an EOI for the takeover.

The insolvency process for Think & Learn Pvt. Ltd. is underway before the National Company Law Tribunal (NCLT). The Resolution Professional is responsible for inviting and evaluating resolution plans to revive or restructure the company.

Industry observers note that Manipal Group’s potential acquisition could strengthen its existing business portfolio, especially Aakash Educational Services, in which it holds a majority stake.

Byju’s downfall began after tech investor Prosus slashed its valuation by 75% in June 2023. The company, once valued at $22 billion in 2022, faced severe financial challenges following the cut, leading to layoffs and allegations of financial mismanagement.

The company later came under scrutiny for failing to deposit employees’ provident fund contributions and was suspended by Google and Facebook for non-payment of advertising dues.

Reflecting on the company’s troubles, Byju’s founder Byju Raveendran told the media last year, “End of May 2023, the lenders called a default and filed in Delaware. A month later, the three board members resigned. Those three resigned together; even the lenders didn't expect it. That made it almost impossible for any fundraising. Even if they wanted to plan and resign, the company wouldn't have been the way it is today,” he said.

Raveendran also said that the problems began with the Term Loan B and were worsened by a liquidity crunch caused by the market downturn.