Home / Business and Economy / Manipal Group Poised to Acquire Bankrupt Byju's in Surprise Twist
Manipal Group Poised to Acquire Bankrupt Byju's in Surprise Twist
18 Nov
Summary
- Byju's, once India's ed-tech poster boy, faces bankruptcy
- Manipal Education and Medical Group sole bidder for acquisition
- Bidding process set in motion at National Company Law Tribunal (NCLT), Bengaluru
Until late last week, the court-administered sale of Byju's, once the poster boy of India's ed-tech story, looked like an uncontested affair. The Ranjan Pai-led Manipal Education and Medical Group seemed poised to lay hands on the bankrupt ed-tech company, as it was believed to be the only applicant that expressed interest in participating in the bidding process set in motion at the National Company Law Tribunal (NCLT) in Bengaluru a month ago.
However, the situation has taken an unexpected turn, with the Manipal Group now emerging as the sole bidder for the acquisition of the fallen ed-tech giant. This development comes as a surprise, as Byju's, which was once hailed as a shining example of India's thriving ed-tech ecosystem, now finds itself in the midst of a bankruptcy saga.
The court-supervised sale process at the NCLT is seen as a critical juncture in the future of Byju's, as the company grapples with its financial woes and attempts to chart a path forward under new ownership.
