India’s Manipal Education and Medical Group announced on Thursday that it had submitted an expression of interest to bid for bankrupt firm Think and Learn, the parent company of Indian education-technology firm Byju’s.
Byju’s gained popularity during the COVID-19 pandemic, offering online education courses, and currently operates in more than 21 countries. Its valuation experienced significant growth in 2022, reaching around $22 billion, but dropped immensely in 2024 due to unpaid dues, boardroom exits, and mismanagement. The company has rejected any wrongdoing.
The insolvency process for Think and Learn is going on before the country’s company law tribunal. This is the second expression of interest by Manipal Education, following the extension of the submission deadline to November 13.
Also read: upGrad to Purchase Unacademy in $300-400 Million Deal
Byju’s has a primary stake in Aakash Educational Services, expecting that a successful bid for Think and Learn would accelerate the group’s consolidation. The company purchased Aakash for 78.85 billion rupees ($950) in 2021. Manipal Education’s Billionaire chairman Ranjan Pal became Aakash’s largest shareholder in 2024, according to media reports.
