Manipal Group Bids for Complete Takeover of Byju's Amid Insolvency Proceedings

1 min read Updated on 06 Nov 2025, 12:13 PM

Reviewed by

Shriram ShekharScanX News Team

Overview

Manipal Group has submitted an expression of interest (EOI) to acquire Byju's as part of ongoing insolvency proceedings. The EOI deadline is set for November 13, 2023, with potential for extension. Byju's has faced significant challenges including a 75% valuation cut by Prosus, layoffs, regulatory scrutiny, and platform suspensions. The company's troubles stem from Term Loan B issues and market liquidity challenges, according to founder Byju Raveendran. This potential acquisition could lead to major consolidation in the edtech sector.

*this image is generated using AI for illustrative purposes only.

In a significant development in the edtech sector, Manipal Group has submitted an expression of interest (EOI) to acquire Byju's, the troubled edtech giant, as part of ongoing insolvency proceedings. This move signals a potential major shift in the landscape of India's educational technology market.

Key Developments

Manipal Group's Bid: The group has expressed interest in a complete takeover of Byju's.
EOI Deadline: November 13, 2023, with potential for extension by the resolution professional.
Other Bidders: Currently evaluating their options before the submission deadline.

Byju's Recent Troubles

Byju's, once a poster child of India's edtech boom, has faced a series of setbacks:

Event	Details
Valuation Cut	Prosus slashed Byju's valuation by 75% in June 2023
Peak Valuation	Reached $22.00 billion in 2022 during pandemic-driven online education surge
Employee Issues	Layoffs and allegations of financial mismanagement
Regulatory Scrutiny	Think & Learn (parent company) faced issues with unpaid employee provident fund contributions
Platform Suspensions	Suspended by Google and Facebook due to outstanding advertising dues

Founder's Perspective

Byju Raveendran, the company's founder, attributes the current challenges to:

Term Loan B issues
Market liquidity challenges

Critical Timeline

Date	Event
May 2023	Lenders called a default on Byju's
June 2023	Resignation of three board members
Post-June 2023	Fundraising became nearly impossible

Industry Impact

This potential acquisition by Manipal Group could mark a significant consolidation in the edtech sector, potentially reshaping the competitive landscape. The outcome of this insolvency process and potential takeover will be closely watched by industry observers, investors, and educators alike.

As the November 13 deadline approaches, all eyes will be on potential bidders and the resolution professional's next steps. The edtech community awaits to see if this marks the end of an era for one of India's most prominent startups or the beginning of a new chapter under different ownership.

Read Next Article

NCLT Rejects Byju's Plea to Halt Aakash's Rights Issue EGM

0 min read Updated on 24 Oct 2025, 10:42 PM

Reviewed by

Naman SharmaScanX News Team

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Overview

The National Company Law Tribunal (NCLT) has denied Byju's request to prevent Aakash Educational Services from holding an extraordinary general meeting (EGM) on October 29. The EGM aims to discuss a rights issue that could reduce Byju's stake in Aakash from 25% to less than 5%. NCLT stated that accepting Byju's plea would undermine the company's independent rights and that the proposed rights issue is not inequitable. Aakash defended the necessity of the rights issue, citing financial constraints and banks' reluctance to extend loans due to shareholder disputes. The case is scheduled for the next hearing on November 12.

*this image is generated using AI for illustrative purposes only.

The National Company Law Tribunal (NCLT) has denied Byju's request to prevent Aakash Educational Services from holding an extraordinary general meeting (EGM) scheduled for October 29. The EGM aims to discuss a rights issue that could significantly impact Byju's ownership stake in Aakash.

Key Points of the NCLT Decision

Byju's, currently undergoing insolvency proceedings, sought to block the EGM.
The proposed rights issue could reduce Byju's shareholding in Aakash from 25% to less than 5%.
NCLT observed that accepting Byju's plea would undermine the independent rights of the company.
The tribunal stated that the proposed rights issue cannot be termed inequitable.

Aakash's Defense and Financial Situation

Aakash Educational Services defended the necessity of the rights issue, citing:

Banks' unwillingness to extend further loans due to shareholder disputes.
The company's current financial condition necessitates equity fundraising.

Legal Proceedings

This marks Byju's second petition on the same issue.
The case is scheduled for the next hearing on November 12.

The NCLT's decision highlights the complex interplay between corporate governance, shareholder rights, and financial necessities in the education technology sector.