Manipal Moves to Acquire Byju’s, Aims for Aakash

In a decisive move that could reshape India’s education sector, the Manipal Group, led by Dr. Ranjan Pai, has submitted a second Expression of Interest (EoI) to acquire edtech unicorn Byju’s, which is currently undergoing insolvency proceedings. This follows the resolution professional's extension of the EoI deadline to 13 November 2025, citing a lack of bidders.

According to sources familiar with the matter, Manipal Group’s primary interest lies in Aakash Educational Services Ltd. (AESL)—the profitable test-prep arm of Byju’s that continues to thrive despite the parent company’s financial turmoil. Byju’s had acquired Aakash in 2021 for nearly $1 billion, marking one of the most high-profile acquisitions in Indian edtech.

Dr. Pai is not a new player in this story. In 2023, he stepped in to support Byju’s by converting a loan into equity, which resulted in Manipal Group acquiring a ~40% stake in AESL. This strategic investment helped Byju’s address pressing debt obligations at the time, but also laid the groundwork for deeper involvement.

The situation evolved rapidly when a court-approved rights issue recently diluted Byju’s stake in AESL from majority ownership to just 25.7%. Despite Byju’s strong opposition to the rights issue, the National Company Law Tribunal (NCLT) gave the green light, citing the need to preserve operational continuity and investor interest.

With this dilution, Manipal Group is now well-positioned to pursue full control of Aakash by acquiring Byju’s remaining stake. While the EoI process does not guarantee selection or approval, Pai is understood to be the only active bidder, giving him a significant advantage in the next stage of the resolution.

This strategic interest underscores the value of Aakash, a company that has continued to generate profits and maintain operational stability in the highly competitive NEET and JEE coaching space. For Manipal, which has deep roots in higher education and healthcare, acquiring Aakash would solidify its footprint in school-level and test-prep education.

Meanwhile, Byju’s continues to battle on multiple fronts—regulatory investigations, legal disputes with creditors, and operational restructuring. Analysts believe that a break-up and asset sale is likely, and Aakash could be the most valuable entity to emerge from the ashes of what was once India’s most celebrated edtech startup.

If the Manipal Group successfully acquires Aakash, it will not only gain control over a cash-generating asset but also cement its position as a key player in India's end-to-end education ecosystem—from K-12 to higher education and beyond.

As the resolution process unfolds, all eyes will be on how this strategic bid plays out. Regardless of the outcome, the move reflects a broader trend: a shift from speculative edtech growth to stable, value-driven education models backed by legacy institutions.