In a significant move that could reshape India’s test-prep and digital learning landscape, Manipal Education and Medical Group (MEMG) has submitted a renewed expression of interest (EoI) to acquire Think and Learn Pvt Ltd, the insolvent parent of troubled ed-tech firm Byju’s. The bid comes amid an extended deadline and growing interest from strategic investors looking to consolidate the fragmented education market.
MEMG confirmed on Thursday that this marks its second EoI. The group said acquiring Think and Learn would offer operational synergies and strengthen its presence in both offline and digital learning. MEMG already owns a majority stake in Aakash Educational Services, one of India’s largest test-prep brands.
Byju’s — once the poster child of India’s start-up boom — soared to a valuation of $22 billion in 2022 after its pandemic-era surge in online learning. At its peak, the company claimed operations in more than 21 countries and aggressively expanded through acquisitions. However, a series of controversies, including unpaid obligations, investor disputes, high-profile board exits and allegations of financial mismanagement, led to a dramatic collapse in 2024. Byju’s has denied all allegations.
The insolvency proceedings for Think and Learn are currently before the National Company Law Tribunal (NCLT), which is expected to evaluate bids from multiple interested parties in the coming weeks. A successful takeover could determine the future of some of India’s largest education brands.
MEMG chairman Ranjan Pai has been a central figure in the sector’s restructuring efforts. After Aakash was acquired by Byju’s in 2021 for ₹7800 crore, Pai gradually increased his stake, eventually becoming Aakash’s largest shareholder in 2024. His renewed interest in Think and Learn is seen as part of a broader strategy to stabilise and consolidate key assets in India’s education ecosystem.