Byju Raveendran, founder of edtech company Byju’s, who has been sentenced to a six-months jail term by a Singaporean court has responded to the order. He said the court order only arose from disputes over document disclosure and not because of any fraud, dishonesty, or any wrongdoing.
“Today’s Singapore court matter is a procedural contempt of court order, arising only from disputes over document disclosure in ongoing proceedings – not a finding of fraud, dishonesty, or any wrongdoing on the merits. I have been directed to appear on 15 June and appeal options are available,” he said, in a series of posts on X.
Raveendran said he has always acted in good faith and is committed to see through a resolution. “The truth doesn’t change with a headline,” he added.
“For months, the lenders (including GLAS Trust and QIA), other stakeholders and us (the founders) have been in advanced settlement discussions. A settlement has been agreed in principle, with only minor residual issues left between certain parties – none involving me. As part of those discussions, the parties have acknowledged there is no wrongdoing on my part or by the other founders,” he said.
Raveendran added that all parties decided to not actively pursue cases against each other, and QIA’s (Qatar Investment Authority’s) decision to press this matter now seems to be an unnecessary pressure tactic. He said the parties have been at a standstill for the last three months while working out a solution.
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WHY HAS BYJU RAVEENDRAN BEEN GIVEN JAIL TIME?
The Singapore court that ordered the jail term said he had disobeyed multiple orders related to his assets dating back to April 2024. The court instructed Raveendran to surrender to officials, pay costs of S$90,000 ($70,500), and provide documents proving his legal ownership of Beeaar Investco Pte, a corporate entity that held shares in a related company.
The threat of jail time is the latest setback for the founder, who is facing claims from foreign investors around the world, including in the US.
It is unclear whether he is in Singapore or elsewhere. In the US, lenders are fighting to claw back losses from a $1.2 billion loan that soured.
Raveendran’s founding of educational technology firm Think & Learn Pvt, better known as Byju’s, turned him into a billionaire and made him one of the major success stories among a wave of Indian start-ups that attracted capital from global firms. He is now being pursued in Singapore’s court system by a subsidiary of sovereign wealth fund Qatar Investment Authority, which took part in a funding round for the tech firm as it was cutting jobs and laying off staff.
