Byju Raveendran to Challenge Singapore Contempt Order
Byju Raveendran, founder of Indian edtech company Byju’s, will appeal a contempt of court order issued by a Singapore court in connection with a loan default dispute involving the Qatar Investment Authority (QIA). His lawyer, Michael McNutt, said the repayment default was triggered after bankruptcy proceedings were initiated against Byju’s in India.
The case relates to a $150 million loan provided by QIA to a Singapore-based investment entity where Raveendran served as guarantor, according to a source familiar with the matter. The source said QIA moved the Singapore court seeking repayment, and Raveendran had been directed to repay the loan in 2025.
Raveendran said in a statement that lenders had “agreed in principle” to a settlement, while a QIA spokesperson said the sovereign wealth fund was satisfied with the court’s decision. Bloomberg News reported that the Byju’s founder was sentenced to six months in prison and ordered to pay 90,000 Singapore dollars in legal costs. Byju’s gained rapid popularity during the COVID-19 pandemic and reached a peak valuation of $22 billion in 2022.
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