The Manipal Group’s interest in acquiring Think & Learn Pvt Ltd (TLPL), the parent company of Byju’s, marks a pivotal moment in India’s edtech consolidation. However, it is important to clarify that Byju’s has not been acquired by Manipal. Instead, Manipal Education & Medical Group (MEMG), led by Dr. Ranjan Pai, has submitted an Expression of Interest (EoI) as part of TLPL’s Corporate Insolvency Resolution Process (CIRP). An EoI is not a binding offer but a formal signal of interest that allows Manipal to conduct due diligence.

Initially, Manipal appeared to be the sole applicant, giving it an advantageous early position. But the landscape has shifted with UpGrad, led by Ronnie Screwvala, also submitting a bid—primarily eyeing the higher education assets rather than the entire company. This introduces competitive dynamics, though Manipal’s motivations remain distinct and highly strategic.

At the core of Manipal’s interest is Aakash Educational Services Ltd. (AESL), India’s leading test-prep company and one of the few profitable entities in the troubled Byju’s empire. Dr. Ranjan Pai already holds about 58% of Aakash, having dramatically increased his stake over the last year. TLPL retains approximately 25.7%, though this could reduce due to an ongoing rights issue. Securing TLPL’s stake would give Manipal uncontested ownership of Aakash—strengthening its education portfolio and eliminating complications arising from Byju’s financial instability.

Meanwhile, TLPL’s insolvency proceedings, driven by unresolved debt and operational collapse, are unfolding under NCLT supervision. The asset sale includes Aakash, GeoGebra, WhiteHat Jr, Toppr, and Byju’s core app business. The situation is further complicated by serious allegations around the “missing” $533 million from Byju’s Alpha, claimed to have been “round-tripped,” though the founders deny this.

Overall, Manipal’s engagement in the CIRP is a calculated move to consolidate control over Aakash rather than a rescue of Byju’s broader edtech portfolio.