Manipal Group, led by Dr. Ranjan Pai, has made a decisive move to acquire Byju’s, India’s leading edtech startup currently undergoing insolvency proceedings. Manipal submitted a second Expression of Interest (EoI) following the extension of the bidding deadline to November 13, 2025, as no other bidders emerged.

The Group’s main focus is Aakash Educational Services Ltd. (AESL), the profitable test-prep division acquired by Byju’s in 2021 for nearly $1 billion. Manipal already holds a significant stake (~40%) in Aakash after converting loans to equity and has steadily increased its share to 58%, positioning itself for full control.

This strategic bid follows a rights issue that recently diluted Byju’s majority holding in Aakash to 25.7%, a move approved by the National Company Law Tribunal (NCLT) despite Byju’s opposition. With no other active bidders, Manipal’s chances of success are high.

Aakash remains a stable, cash-generating leader in NEET and JEE coaching, making it a valuable acquisition to complement Manipal’s existing stronghold in higher education and healthcare.

The acquisition of Aakash by Manipal would integrate the education spectrum from school-level test prep to higher education, filling gaps in the Indian ecosystem. Meanwhile, Byju’s continues to face legal, regulatory, and financial challenges, with analysts predicting a breakup and asset sales to preserve value.

This development marks a key shift from speculative edtech valuations to stable, legacy-backed models, signaling a new phase in India’s education sector fueled by institutional consolidation and operational resilience.