Daijiworld Media Network – New Delhi
New Delhi, May 27: Byju’s founder Byju Raveendran has been sentenced to six months in jail by a Singapore court after being found guilty of contempt of court for allegedly violating multiple court directives. In addition to the prison term, the court imposed a fine of $70,500.
According to a Bloomberg report, the court also instructed Raveendran to submit documents establishing his legal ownership of Beeaar Investco Pte, a company that reportedly held shares in a related business entity.
The latest development adds to the mounting legal challenges faced by Raveendran across several international jurisdictions. He is currently involved in a legal dispute in Singapore with a subsidiary of the Qatar Investment Authority, which had invested in the edtech company during a period when the firm was carrying out layoffs and job cuts.
Qatar Holdings was represented by law firm Drew & Napier, while Byju’s Investments was represented by Fervent Chambers.
Earlier, Raveendran had suffered another major setback in the United States after a Delaware court ordered him to repay nearly $1 billion to Byju’s Alpha and US-based GLAS Trust Company LLC. The court held him personally liable following a petition filed by lenders.
The Delaware court also observed that Raveendran had failed to comply with discovery orders and had remained evasive during proceedings. The judgment stated that default judgment would be entered against him for amounts exceeding $533 million and $540.6 million under different counts.
Once celebrated as one of India’s biggest startup success stories, Raveendran had built Byju’s into a leading edtech brand. The company achieved unicorn status in 2019 with a valuation exceeding $1 billion and later peaked at around $22 billion in 2022 before witnessing a dramatic collapse in valuation.
Launched in 2015, the platform focused on providing learning solutions for students from kindergarten to Class 12. However, the company later faced widespread criticism from parents and customers over its aggressive sales and marketing practices.
In a recent interview, Raveendran admitted that one of the company’s biggest mistakes was taking a $1.2 billion term loan in 2021 despite having access to equity funding options. He said the decision had been taken collectively by board members, including investors and founder directors, and was not driven by desperation, as the company had already raised nearly $5 billion earlier.
He also reflected on the acquisition of WhiteHat Jr, saying the platform had the potential to enable Indian teachers to teach students globally, describing it as a major missed opportunity.