Manipal Group Submits Bid For Bankrupt Byju's Parent Under Insolvency Process

The Manipal Group on Thursday confirmed submitting bid for the takeover of Think & Learn Pvt Ltd., the parent entity of bankrupt edtech firm Byju's. This comes days after NDTV Profit reported that the Ranjana Pai-led group has submitted an expression of interest to acquire the embattled firm.

The EoI has been "formally submitted" by Manipal Education and Medical Group India Pvt (MEMG), according to a statement issued by the company.

As per the documents filed with the Resolution Professional (RP), MEMG India has sought to be included in the list of Prospective Resolution Applicants (PRAs) and expressed its intent to examine the company’s financial and operational details for the purpose of evaluating a potential resolution plan.

This is the second submission of EoI by MEMG after the time for such submission was extended by the RP to Nov. 13, 2025, the statement added.

The submission by MEMG includes all statutory undertakings required under the Insolvency and Bankruptcy Code (IBC), 2016.

"The Resolution Professional will review eligibility, issue a provisional list of PRAs and subsequently a final list, following verification and approval from the Committee of Creditors (CoC)," the statement added.

Notably, the submission of the EOI does not guarantee shortlisting or approval for the next phase. It is, however, understood that MEMG India is the only applicant who has submitted the EoI and there are no other applicants who have bid for the same.

The insolvency process for Byju's parent is currently underway before the National Company Law Tribunal (NCLT), with the RP responsible for inviting and evaluating resolution plans aimed at reviving or restructuring the company.

Manipal Group’s EoI gains significance, as the takeover of Byju's parent will help in business consolidation of AAKASH, in which Manipal has a majority shareholding.

Notably, the turmoil for Byju's began when tech investor Prosus in June 2023 slashed the edtech's valuation by 75%, leading to layoffs and allegations of financial mismanagement.

The massive setback came after the company reached a valuation of $22 billion in 2022, as its popularity rose by offering online and offline education courses during the Covid-19 pandemic.

After valuation cut, Think & Learn faced scrutiny for not paying provident fund money to employees, and was also suspended by Google and Facebook for non-payment of ad dues.

Last year, speaking to media, Byju's founder Byju Raveendran said the Term Loan B is where it all started going wrong, apart from the liquidity crunch due to the turning of the markets.

"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 had said.