Upgrad and Manipal Group Vie for Byju's Assets in Insolvency Proceedings

As of November 15th, 2025, the edtech industry is in a state of flux, with major players vying for the assets of the bankrupt parent company of Byju's, Think & Learn. Upgrad, led by Ronnie Screwvala, has formally submitted an expression of interest (EoI) to bid for the company, while the Manipal Group, led by Ranjan Pai, has also expressed interest, primarily in Aakash Educational Services, a subsidiary of Byju's.

Upgrad is currently studying the entire set of assets under Think & Learn, which includes the K12 business, Aakash Educational Services, Great Learning, and other digital learning units previously acquired by Byju's. The Manipal Group, on the other hand, is primarily focused on Aakash, where it already owns a 58% stake.

The sale process is being overseen by Think & Learn's resolution professional, EY-backed Shailendra Ajmera. Bidders have the flexibility to acquire the whole company or select specific assets, such as GeoGebra, WhiteHat Jr, Toppr, or Aakash.

Byju's, once valued at $22 billion, has faced a series of legal and lender challenges in recent months. The company entered insolvency proceedings after the BCCI moved the NCLT seeking recovery of ₹158 crore owed for a sponsorship deal. Byju's had also purchased over 15 companies during the pandemic-driven surge in online learning, leading to a cash crunch and the loss of control over some of its subsidiaries, such as Aakash and Great Learning.

As the resolution process continues, potential buyers like Upgrad and the Manipal Group are closely examining the available assets, with a focus on higher education and upskilling opportunities. The outcome of this bidding war could have significant implications for the future of the edtech industry in India.