Ronnie Screwvala's Upgrad enters race to buy assets of Byju's parent

Ronnie Screwvala-led Upgrad has submitted an EoI to buy Think & Learn, Byju's bankrupt parent, including K12 business, Aakash, Great Learning and other assets

Ronnie Screwvala-led Upgrad has formally submitted an expression of interest (EoI) to bid for Think & Learn Pvt. Ltd, the bankrupt parent company of Byju’s, according to a report by The Economic Times. With this move, Upgrad becomes the latest entrant in a growing group of potential buyers eyeing the distressed edtech firm’s assets.

 

Upgrad is studying the entire set of assets under Think & Learn. This includes the K12 business, Aakash Educational Services, Great Learning, and other digital learning units earlier acquired by Byju’s, the news report said.

 

The Manipal Group, led by Ranjan Pai, had also submitted its EoI. The group is primarily looking at Aakash, where it already owns about 58 per cent.

 

Multiple assets on the block

 

The sale process is being run by Think & Learn’s resolution professional (RP), EY-backed Shailendra Ajmera. Bidders have the flexibility to acquire the whole company or select assets such as GeoGebra, WhiteHat Jr, Toppr, Aakash or others. The inventory, receivables, course content, Byju’s learning app, and various intangible assets are also part of the package.

 

Screwvala told The Economic Times that Upgrad is especially interested in assets linked to higher education and upskilling. He also hinted at issues surrounding some asset transfers. He noted that certain deals may not have followed proper procedures. 

 

He further said that any potential dilution or rights issues at the subsidiary level should be paused until the resolution process is completed, giving future owners a chance to participate, the news report said.   

 

Great Learning, Aakash under spotlight

 

Great Learning, bought by Byju’s in 2021, came under the control of the company’s lenders after Byju’s began selling assets to repay its $1.2-billion loan. Its founders later bought the company back, although the equity owned by Think & Learn continues to be held by creditors.

 

The platform generated ₹1,039 crore in operating revenue in FY25, up 5 per cent from the previous year, and recorded an operating profit of ₹40 crore.

 

Aakash, acquired in 2021 for $950 million, also slipped from Byju’s control because of a cash crunch following the post-pandemic slowdown in edtech.

 

Legal challenges and bankruptcy proceedings continue

 

Think & Learn entered insolvency proceedings after the BCCI moved the NCLT seeking recovery of ₹158 crore owed for a sponsorship deal. Once valued at $22 billion, Byju’s had purchased over 15 companies during the pandemic-driven surge in online learning.

 

In India and the US, the edtech firm now faces multiple legal and lender challenges. Recently, courts refused to intervene in Aakash’s decision to raise its authorised share capital, paving the way for a rights issue that may dilute Think & Learn’s stake to 6.125 per cent from 25.75 per cent.

 

Glas Trust, representing Byju’s US lenders, and Think & Learn have opposed the issue, arguing that the move unfairly reduces the parent company's share. Several petitions questioning Glas Trust’s control and the composition of the creditor committee are still before the bankruptcy tribunals, the news report said.