The parent company of Byju, Think and Learn Pvt. Ltd. has been put under insolvency proceedings, and its parent has been acquired by Ranjan Pai-led Manipal Education and Medical Group Pvt. Ltd. that has made the second bid. The new offer is generally understood as a move to acquire the entire equity of Aakash Educational Services Ltd. (AESL), which is a very lucrative preparatory test company that Byju purchased in 2021 right in the midst of the period of its growth.
According to the documents submitted to the resolution professional of Byju, Manipal Group has already asked to be registered as a potential bidder, which will enable it to carry out due diligence on the firm finances, activities, and viability in general. This is the second expression of interest (EoI) of the group, which was submitted following the extension of the deadline to receive applications by the resolution professional to 13 November 2025 because of the insufficiency of bidders. Although the extension has come, it seems that Manipal Group is the only player in the game.
EoI is however only an indication of intent and does not mean one is qualified to proceed to the next phase of the insolvency resolution process. A shortlist will also be based on the decision of the resolution professional on the eligibility and financial soundness.
The Aakash Factor
It is said that the key driver behind the resurgence in the bid on Manipal Group is the possession of Aakash Educational Services Ltd. which is the crown jewel of Byju. Aakash, a long-established chain of coaches that focuses on medical and engineering entrance exams, still manages to be profitable at the time when Byju is in a dire financial situation. Ranjan Pai already controls nearly 40 per cent of AESL and last year he transferred a significant loan to equity to assist Byju to settle repayment. To get direct control of Aakash would provide Manipal Group with a strong education portfolio and it will also entrench itself in the Indian booming test-prep market.
Now that the insolvency process of Byju is in motion and the sentiments of the investors remain unpredictable, everyone is now watching the developments of the bidding.
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