A high-stakes showdown is brewing in India’s edtech world as Ranjan Pai’s Manipal Group and Ronnie Screwvala’s UpGrad compete for the assets of bankrupt Byju’s parent, Think & Learn.
The Players & Their Stakes
- Ranjan Pai: The Manipal Group head is already deeply tied to Byju’s ecosystem via Aakash — he holds a significant stake in Aakash Educational Services and has made previous financial interventions. He’s now bidding for Byju’s through the resolution process, likely eyeing Aakash and other valuable edtech assets.
- Ronnie Screwvala: The media and education veteran, via his company UpGrad, has formally submitted an Expression of Interest to acquire parts of Think & Learn.UpGrad is reportedly evaluating both the K12 business and Aakash as potential acquisition targets.
What’s Driving Their Interest
- Pai’s Angle: For Pai, the bid is more than just strategic; it’s about protecting and consolidating his leadership within Aakash, a test-prep icon. He has already committed capital (~₹250 crore) to Aakash via a rights issue, indicating long-term intent.
- Screwvala’s Ambition: Screwvala sees a distressed Byju’s as a value play — the bankruptcy gives him access to premium edtech assets at potentially lower costs.
Challenges & Uncertainties
- The NCLT (bankruptcy tribunal) process is far from clean — creditor claims, legal entanglements and valuation disagreements make the outcome unpredictable.
- Integrating Byju’s debt-saddled business will be a challenge. Both bidders must demonstrate capital strength and long-term visions to satisfy stakeholders.
- The edtech market is rapidly evolving; both players will need to ensure that any acquisition aligns with scalable and sustainable business models, not just legacy assets.
Who Has the Edge?
There’s no clear frontrunner yet — each bidder brings something compelling to the table:
- Pai has the existing Aakash linkage, deep education-industry experience, and capital backing.
- Screwvala has operational experience, entrepreneurial agility, and a bold vision for scaling distressed assets.
This isn’t just a corporate bidding war — it’s a clash of education titans. Whoever wins will not only reshape the future of Byju’s, but also influence the broader direction of India’s edtech consolidation.
Leave A Comment