Manipal Education & Medical Group (MEMG), headed by Ranjan Pai, has shown interest in acquiring Think & Learn, the parent company of BYJU’S.
- The interest comes amid ongoing insolvency/financial distress proceedings for Think & Learn.
- MEMG is reportedly looking to bid for either the entire company or key assets, with a particular focus on Think & Learn’s ~25% stake in Aakash Educational Services Ltd (AESL).
- The deadline for submitting expressions of interest (EoIs) in the resolution process has reportedly been extended to 13 November 2025.
Why It Matters
- BYJU’S was once one of India’s most valuable edtech firms; a takeover could represent a major shift in the sector’s consolidation.
- MEMG already has a strong foothold in education/health-care; acquiring Think & Learn/BYJU’S assets could bolster its edtech ambitions and expand its digital/offline education stack.
- For the resolution process of Think & Learn, the interest from a credible buyer like MEMG may improve prospects of revival rather than outright collapse.
- The move signals that legacy educational institutions are stepping in to purchase distressed tech-education players, blending offline legacy strength with online capability.
Key Assets & Considerations
- The most coveted asset appears to be the ~25% stake Think & Learn holds in AESL, which is a leading test-prep/coaching chain. MEMG already has a major stake in AESL.
- Other assets under the hammer: the BYJU’S Learning App, test-prep brand assets (WhiteHat Jr, Toppr), GeoGebra, inventory/receivables etc.
- Because Think & Learn is under financial and legal stress (insolvency proceedings triggered by Board of Control for Cricket in India (BCCI) claim, etc) the eventual acquisition will depend on resolution frameworks, creditor approvals, valuations and regulatory approvals. Moneycontrol
Risks & Things to Watch
- This is still an expression of interest, not a concluded deal — MEMG is a sole known bidder at this stage.
- The valuation, legacy liabilities of BYJU’S/Think & Learn, integration risk, and whether MEMG takes over full company or selective assets remain open.
- Potential regulatory / creditor approvals in the insolvency process may be complex and protracted.
- Existing shareholders/creditors of Think & Learn may contest terms of takeover or asset sales.
- For MEMG, the challenge will be to turn around the distressed assets, integrate them smoothly and extract value.
Strategic Implications for India’s EdTech Sector
- Could mark a consolidation wave where financially strong education institutions/acquirers pick up distressed edtech firms.
- May shift the balance from pure-play online edtech (start‐ups) toward hybrid models combining brick-and-mortar plus digital.
- For students/customers, new ownership might mean changes in product/service strategy, pricing, brand management — could be positive if revival succeeds.
- For investors/funders: this may influence how risk is viewed in edtech valuations, funding, exits and the life cycle of high-growth edtech players.
Final Thoughts
The interest from Manipal Group in acquiring BYJU’S parent Think & Learn is a significant development in India’s edtech landscape. While still early and subject to many uncertainties, it suggests a possible path for rescue/turnaround of distressed edtech leaders and signals strategic shifts in how education business models are evolving. For stakeholders — students, employees, investors — the outcome of this process will be one to watch closely.
