The Manipal Group has submitted an expression of interest (EOI) to acquire embattled edtech firm Byju’s under the ongoing insolvency proceedings, sources told NDTV Profit. The group is reportedly aiming for a complete takeover of the company. Meanwhile, other potential bidders are still weighing their options ahead of the November 13 deadline for EOI submissions. The resolution professional may consider extending the deadline if required, sources added.
Turmoil for Byju’s began when tech investor Prosus in June 2023 cut Byju’s valuation by 75%, leading to layoffs and allegations of financial mismanagement.
The huge blow came after the company reached a valuation of $22 billion in 2022 as its popularity rose by offering online and…