Ronnie Screwvala’s upGrad joins BYJU’S insolvency race

Ronnie Screwvala-led upGrad has signalled its intention to join the pool of prospective bidders in the ongoing insolvency process of Think and Learn Pvt Ltd (TLPL), the parent company of BYJU’S.

“The only thing I can confirm is that we have filed an EOI (Expression of Interest) in the Think and Learn resolution and liquidation process, which covers all their assets. Beyond that we are bound by confidentiality and cannot comment further at this stage,” Screwvala told YourStory, in response to queries.

The Economic Times was the first to report the development.

In a subsequent statement on Saturday, Screwvala clarified on upGrad’s participation in the ongoing insolvency process of TLPL, saying that the filing of EOI is 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. We will follow due process with the entity (EY) appointed and authorised by the regulators to undertake this activity.”

“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 of 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,” he added.

Based on Screwvala’s statement, he is likely referring to Great Learning, one of BYJU’S key higher-education and upskilling acquisitions.

Founded in 2013, Great Learning delivers programmes in data science, AI, software engineering, cloud computing, cybersecurity and management in partnership with global universities. BYJU’S bought the company in 2021 for about $600 million, but after BYJU’S financial collapse, the founders regained control when Think and Learn’s equity was transferred to lenders due to non-payment of the cash component. Great Learning now operates independently, and the founders plan to clear the outstanding debt so that creditors can exit.

“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,” Screwvala remarked.

The deadline for filing EOI has been extended to December 15, from the earlier cut-off of November 13, according to a new notice issued by Resolution Professional Shailendra Ajmera.

upGrad’s move follows a similar expression of interest submitted by Ranjan Pai’s Manipal Education and Medical Group India, which is also seeking to participate in TLPL’s Corporate Insolvency Resolution Process.

The Manipal Group is focused on Aakash Educational Services Limited (AESL), given its controlling stake in the test-prep company.

The group’s statement highlighted that a successful resolution “will help in business consolidation of Aakash” under Manipal’s leadership. Tensions escalated earlier when Ajmera and Glas Trust, which holds 99% voting power in the Committee of Creditors (CoC), opposed Aakash’s rights issue.

Meanwhile, alongside its bid for TLPL, upGrad is also engaged in acquisition discussions with Unacademy at a valuation of between $300 million and $400 million.

If either deal materialises, upGrad stands to gain a significant boost. 

TLPL’s assets include BYJU’S core learning products and technology infrastructure, which could help upGrad expand its foothold in higher education and upskilling.

The acquisition of Unacademy could provide upGrad with deeper access to the test-preparation business, a larger learner base and fresh intellectual property. The company would also gain the benefit of Unacademy’s cash position and an estimated $100 million in additional revenue. The proposed transaction would take place entirely through a share swap, with no cash outflow from upGrad.

upGrad last raised capital from Singapore’s sovereign wealth fund, Temasek, in 2024 at a valuation of $2.25 billion. Screwvala also acquired Bharti Enterprises’ stake worth $20 million in the same round, according to media reports.

The company recently stated that it achieved positive EBITDA in FY25 with operating revenue of Rs 1,943 crore, continuing a steady growth trend over the past three years.

(The article was updated with a clarification from Ronnie Screwvala and additional information.)