Manipal Group submits a second bid to acquire Byju's with an eye on Aakash
Ranjan Pai is already a major stakeholder in Aakash Institute, holding ~40% stake, after previously converting a loan to equity to help Byju's settle a debt.
Ranjan Pai-led Manipal Education & Medical Group Pvt. Ltd. has submitted a second bid to acquire Byju's parent Think & Learn Pvt. Ltd. under insolvency, in what is seen as a move to wrest control of Aakash Educational Services Ltd.—a profitable test-prep coaching centre that Byju's acquired in 2021.
According to the expression-of-interest documents filed with Byju's resolution professional, Manipal Group has sought to be included as a prospective bidder, so that it can conduct a due dilligence of the insolvent company's financial and operational details to draw up a resolution plan.
This is Manipal Group's second EoI since the resolution professional extended the submission date to 13 November 2025 due to lack of bidders. It's however understood that Ranjan Pai is the sole bidder for Byju's.
To be sure, an EoI does not guarantee that a bidder would be shortlisted or approved for the next phase of insolvency resolution.
The Aakash Angle
Manipal Group's primary interest is understood to be in Aakash Educational Services Ltd., the profitable test-prep coaching chain that Byju's acquired in 2021. Ranjan Pai is already a major stakeholder in AESL, holding ~40% stake, after previously converting a loan to equity to help Byju's settle a debt.
Byju's stake in AESL has reduced to 25.7% following a court-approved rights issue that it was bitterly against. Acquiring Byju's remaining stake would give Manipal Group a clear path to control Aakash Institute.
