The Manipal Education & Medical Group (MEMG) has formally entered the running to acquire Think & Learn Pvt Ltd, the insolvent parent of the ailing edtech startup company BYJU’S.
MEMG, which also manages the Manipal Academy of Higher Education (MAHE), confirmed yesterday, Thursday, November 13 that it had submitted an expression of interest (EoI) in the corporate insolvency resolution process (CIRP) of Think & Learn, as overseen by India’s National Company Law Tribunal (NCLT), Reuters reports.
BYJU’S experienced a meteoric rise during the COVID-19 pandemic, at one point boasting a valuation of about USD 22 billion in 2022, before financial difficulties, such as unpaid dues, boardroom exits and drops in investor confidence, led to its collapse.
MEMG’s bid comes at a key juncture. In 2021 Think & Learn had acquired Aakash Educational Services Ltd for roughly Rs 78,850 million (USD 950 million), and MEMG’s chairman, Ranjan Pai, became Aakash’s largest shareholder in 2024.
MEMG says that the acquisition of Think & Learn would support its strategic goal of consolidation in the education space. It also noted that it was the sole bidder in the current phase of the CIRP for Think & Learn, after the submission deadline of 13 November was extended.
Under the insolvency process, MEMG must satisfy eligibility norms under India’s Insolvency & Bankruptcy Code, including compliance with Section 29A, which prohibits certain entities from participating in resolution bidding. It has reportedly submitted all required undertakings and e-stamped documents to that effect.
The outcome of this bid will have broad implications for India’s ed-tech sector.
For the stakeholders and creditors of BYJU’S, a successful resolution could unlock value and provide a path to stability. For MEMG, the acquisition could strengthen its position in tuition and coaching services through closer integration with Aakash and other offerings.
The NCLT’s next steps include reviewing and shortlisting prospective resolution applicants before the final decision is handed to the Committee of Creditors.
