In a major setback for India’s embattled edtech company BYJU’S, founder Byju Raveendran has been sentenced to six months in prison by a Singapore court in a contempt of court case linked to ongoing disputes with lenders and investors.
The ruling, delivered on May 26, comes as the company and its founders remain engaged in high-stakes settlement negotiations with creditors following months of legal battles, insolvency proceedings and financial turmoil surrounding the once $22-billion-valued startup.
The Singapore court found Raveendran guilty of failing to comply with multiple court orders issued since April 2024 regarding disclosure of assets and ownership-related information. As part of the order, the court directed him to serve a six-month sentence, pay legal costs amounting to S$90,000, and provide proof of ownership of Beeaar Investco Pte, a company linked to the dispute. The court also ordered his immediate surrender to authorities.
The proceedings were initiated by a subsidiary of Qatar Investment Authority (QIA), one of BYJU’S major investors, amid broader disputes involving lenders and stakeholders connected to the company’s financial restructuring.
Soon after the verdict, Raveendran released a detailed statement denying any wrongdoing and claiming that the legal action was being pursued despite settlement talks nearing completion.
According to Raveendran, lenders including GLAS Trust and QIA-linked entities had been engaged in discussions with the founders and other stakeholders for months. He stated that a settlement had already been agreed upon “in principle,” with only a few residual issues left unresolved between certain parties.
“I have no role in those remaining issues,” he said, adding that the parties had effectively paused active legal confrontation while negotiations were underway.
Raveendran also defended his decision not to actively contest several court proceedings in recent months, saying the move was aimed at facilitating a comprehensive resolution rather than escalating the dispute further.
“I chose resolution over confrontation,” he said.
The BYJU’S founder strongly objected to suggestions of wrongdoing, asserting that neither he nor other founders personally benefited from disputed funds. He maintained that the funds in question had been used for legitimate business purposes.
“As part of the settlement discussions, parties have acknowledged that there has been no wrongdoing on my part or on the part of the other founders,” Raveendran said, describing the continuation of the Singapore case as “deeply unfortunate.”
He further alleged that QIA’s decision to continue pursuing the contempt matter appeared to be an “unnecessary pressure tactic” at a sensitive stage of negotiations and criticized the manner in which the case had been publicly portrayed.
The Singapore ruling marks another significant chapter in the rapid decline of one of India’s biggest startup success stories. Founded as Think & Learn Pvt Ltd, BYJU’S rose to prominence during the online education boom and attracted billions of dollars from global investors. However, the company later faced mounting debt, delayed financial filings, governance concerns, layoffs and multiple lawsuits across jurisdictions.
In recent years, the company has been involved in disputes over a $1.2 billion term loan in the United States, insolvency proceedings in India, and recovery claims from investors and creditors. In August 2024, India’s Supreme Court cleared the way for insolvency proceedings against the company, while QIA separately sought recovery of hundreds of millions of dollars through Indian courts.
The company also undertook large-scale layoffs during its restructuring efforts, including major cuts in content and operational teams.
Despite the growing legal pressure, Raveendran said his focus remains on achieving a constructive settlement and protecting the interests of employees, students and stakeholders associated with BYJU’S.
It remains unclear whether Raveendran plans to appeal the Singapore court’s decision or comply immediately with the surrender order. The latest verdict could further complicate ongoing negotiations over the future of the troubled edtech firm.