Byju’s Founder Byju Raveendran has been sentenced to six months in jail by a Singapore court for contempt of court, according to a Bloomberg report. The court found that Raveendran had disobeyed multiple court orders related to the disclosure of his assets.
The development marks another major setback for the once high-flying Indian edtech company, which had earlier become one of India’s most valuable startups during the pandemic-driven online learning boom.
Raveendran founded Think & Learn Pvt Ltd, popularly known as Byju’s, and transformed it into one of India’s largest edtech firms backed by several global investors. At its peak, the company attracted investments from international firms and sovereign wealth funds, rapidly expanding across markets through acquisitions and aggressive growth strategies.
However, the company later faced mounting financial troubles, delayed filings, layoffs, governance concerns and legal disputes with investors and lenders.
The latest case in Singapore is linked to efforts by foreign investors to recover losses tied to their investments in the company. A subsidiary of the Qatar Investment Authority is among the entities pursuing legal action against Raveendran in Singapore courts.
According to reports, the court held him in contempt after finding that he failed to comply with several directions regarding his assets. Qatar Holdings, which participated in a funding round for Byju’s, was represented by law firm Drew & Napier in the matter.
The sentencing also comes amid ongoing legal battles in the United States, where lenders are attempting to recover losses from a $1.2 billion loan linked to the company.
Byju’s was once considered one of India’s biggest startup success stories and a symbol of the country’s booming edtech ecosystem. But over the past two years, the company has faced increasing scrutiny over its financial management and operations.
The latest ruling further adds to the legal and financial challenges surrounding Raveendran and the struggling edtech firm.
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