After Manipal Group, Ronnie Screwvala’s UpGrad submits bid for Byju’s parent; eyes Great Learning

"upGrad wishes to clarify that it is not in the K-12 sector, nor is our interest there; but there are assets in Think & learn that are in the Higher-Ed space as also where young learners /college graduates aspire to learn more, and we would be focused on those assets. Some of these assets may have been disposed off without due process, and we understand the authorities concerned will be supportive in going back on those transactions to ensure a much more transparent process going forward. Also, if there are any future dilutions or Rights Issues in some of the entities, it would be only fair and transparent that this process be completed first, so that any new owner may be allowed the option to participate in such fund raises," he added.

Who else has bid?

Earlier this week, Manipal Group, led by Ranjan Pai, submitted its bid for Byju’s parent. As Moneycontrol reported earlier, Manipal’s interest is linked to its majority stake in Aakash Educational Services, where Byju’s parent previously held a significant share before a recent rights-issue dilution.

With both Manipal and UpGrad now in the fray, the two known bidders are looking at different slices of the company’s business, reflecting diverging strategic interests.

What happens next?

The Resolution Professional will now review the bids and issue a provisional list of eligible applicants. A final list will follow after approval from the Committee of Creditors (CoC).

Shortlisted bidders will then be invited to submit detailed resolution plans, which may involve offers for the entire company or for only select business units, depending on the bidder’s strategy.

How is the insolvency process shaping up?

Byju’s parent entered insolvency last year after lenders escalated disputes over debt obligations. The ongoing process is expected to decide whether the company is reorganised, sold in parts or handed over entirely to a new owner.

So far, interest has come only from players that have clear strategic overlaps with specific parts of the business. Manipal’s approach is influenced by its position in the test-prep ecosystem through Aakash, while UpGrad is evaluating the higher-education and upskilling portfolio that closely aligns with its core operations.

For creditors — including several overseas lenders — the challenge will be balancing recovery expectations with bids that target only portions of the company rather than the whole business.

What’s at stake for Byju’s parent?

The company controls a broad portfolio across K12 learning, test preparation, hybrid coaching, higher education and professional upskilling. However, performance across these verticals has diverged sharply.

Higher-education and upskilling — through Great Learning — continue to show relatively stable demand and clearer revenue visibility. The K12 business, once the company’s flagship, has been under pressure due to slowing consumer demand, regulatory scrutiny and cash-flow constraints.

Depending on how bids are structured, the insolvency process may lead to a scenario where multiple buyers acquire different verticals, or a single consolidated bidder emerges if a compelling full-company proposal is submitted.

Why is UpGrad’s move significant now?

UpGrad’s bid comes at a time when the company is also in talks to acquire Unacademy, signalling a broader consolidation push across higher education, test preparation and professional skilling. If both situations advance meaningfully, UpGrad could significantly expand its footprint across some of the most resilient segments of the edtech market.

Its selective interest in higher-education assets at Byju’s parent further indicates that the sector is moving toward a more specialised structure, with players choosing only the businesses that strengthen their long-term positioning.