Edtech company UpGrad has submitted bids to acquire Byju’s parent company, Think & Learn, says a Moneycontrol report. The Ronnie Screwvala-led company is the second to bid for Byju’s parent company as it undergoes the insolvency process.
Earlier, Manipal Group had placed bids for Think and Learn, the reports add. Ranjan Pai-led Manipal Group’s interest is linked to its majority stake in Aakash, where Think and Learn previously held a significant stake before a recent rights issue dilution.
‘We will follow due process’: Screwvala
As per the report, Ronnie Screwvala confirmed that upGrad has engaged in the early bidding process for the acquisition of Byju’s parent company. “For now, we have only filed our Expression of Interest; to know more and then review the various assets of Byju’s parent company – and, in turn, assets we understand were under dispute of ownership and now in control of some of the Creditors,” Moneycontrol quoted Screwvala.
Scewvala said that the company will follow due process with EY, appointed and authorised by the regulators, to undertake further activities.
Screwvala added that upGrad want to clarify that it is not in the K-12 sector, nor does the company’s interest lie there. He stated that Byju’s parent company has some assets in the higher education space, and they would focus on those assets.
