Byju Raveendran, the founder of controversial education technology firm Byju’s, has been sentenced to six months’ imprisonment by a Singapore court on charges of contempt arising from failure to disclose assets and comply with court orders.
As per a Bloomberg report, Raveendran was asked to surrender to the authorities and pay S$90,000 in court costs and furnish documents relating to his involvement with Beeaar Investco Pte, which is a corporation associated with shares of another firm.
This decision comes as yet another blow to Raveendran, whose once illustrious career is now being dogged by various legal proceedings against him in India and America owing to issues surrounding Byju’s money and governance.
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Raveendran claims settlement talks are underway
Reacting to the court decision, Raveendran said discussions with lenders and investors were close to reaching a settlement. In a statement to HT, he claimed a settlement had already been “agreed in principle” with only a few issues left unresolved.
“I am disappointed that the recent Singapore court matter has been pursued and reported in a manner that creates a misleading impression about me,” he said. Raveendran also claimed that stakeholders involved in the negotiations had acknowledged there was “no wrongdoing” on his or other founders’ part.
He said he had chosen “resolution over confrontation” and had not actively contested several proceedings in recent months because negotiations were ongoing.
From India’s biggest edtech success story to crisis
Raveendran founded Think & Learn Pvt Ltd in 2011 with his wife Divya Gokulnath after becoming well known as a mathematics coach for competitive examinations.
The company’s learning platform later evolved into Byju’s, which became one of India’s most celebrated startup success stories during the Covid-19 pandemic as online learning demand surged globally.
At its peak in 2022, Byju’s was valued at nearly $22 billion and expanded aggressively through acquisitions, including purchases of Aakash Educational Services, WhiteHat Jr, Great Learning and Epic.
The company attracted billions of dollars from global investors and turned Raveendran into one of India’s best-known startup founders.
Legal and financial troubles deepen
The company’s fortunes began reversing after concerns emerged around governance standards, delayed financial reporting, mounting losses and debt obligations.
Byju’s later laid off thousands of employees amid funding pressures and disputes with lenders linked to a $1.2 billion US loan. In 2023, the Enforcement Directorate conducted searches linked to Byju’s and Raveendran in connection with alleged foreign exchange law violations.
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US courts also imposed contempt sanctions against Raveendran in separate proceedings after lenders accused the company and its founders of failing to comply with disclosure orders.
The Singapore proceedings were reportedly initiated by a subsidiary of Qatar Investment Authority, one of the investors in Byju’s during its later funding rounds.
The company has also faced shareholder disputes, board exits and insolvency proceedings in India, with Raveendran later admitting that the company’s valuation had effectively collapsed from its earlier peak. The latest ruling adds to growing uncertainty surrounding the future of the once high-flying edtech firm and its founder.
