India’s Manipal Education and Medical Group said on Thursday it had submitted an expression of interest to bid for bankrupt company Think and Learn, the parent of Indian ed-tech firm Byju’s.
Byju’s, which operated in more than 21 countries, became popular during the COVID-19 pandemic by offering online education courses.
Once an investor darling, its valuation shot up to $22 billion in 2022 before nosediving in 2024 as it battled unpaid dues, boardroom exits and allegations of mismanagement. The company has denied 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 after the submission deadline was extended to November 13, it said.
The company, which has a majority stake in Aakash Educational Services, said a successful bid for Think and Learn would help the group with business consolidation.
In 2021, Byju’s bought Aakash for Rs 7,885 crore ($950 million). Manipal Education’s billionaire chairman Ranjan Pai became Aakash’s largest shareholder in 2024, according to media reports.
Reuters
