Singapore court orders six-month jail term for Byju’s founder Byju Raveendran

According to Bloomberg, the court held that Raveendran had disobeyed several directives concerning his assets dating back to April 2024.

He has been directed to surrender to authorities, pay costs of S$90,000 (around $70,500), and furnish documents establishing his legal ownership of Beeaar Investco Pte, a corporate entity that held shares in a related firm, the report said.

The ruling marks another setback for the Indian entrepreneur, who is also engaged in a legal dispute with lenders in the United States over a $1.2 billion loan.

Reacting to the order on X, Raveendran said that settlement discussions with lenders, including GLAS Trust and QIA, were in an advanced stage and that an agreement had been reached in principle, with only minor issues pending between certain parties.

He said there had been acknowledgment among stakeholders that there was no wrongdoing on his part or that of other founders, and that all parties had agreed in principle not to pursue active litigation while working toward a comprehensive resolution.

Describing the contempt case as a procedural matter, he said it arose from disputes over document disclosure in ongoing proceedings and did not represent a finding of fraud or dishonesty.

Raveendran further said he had been directed to appear on June 15 and that appeal options remained open. He added that he had “always acted in good faith” and remained committed to resolving the matter constructively.

“The truth doesn’t change with a headline,” he wrote.

Byju’s rise and fall

Founded in 2011 by Byju Raveendran and Divya Gokulnath, Byju’s grew into India’s most valuable edtech startup, attracting global investors and achieving unicorn status.

At its peak, the company was valued at nearly $22 billion, making it one of the world’s largest edtech firms.

The company expanded aggressively through acquisitions, including Aakash Educational Services, WhiteHat Jr, Great Learning, and Epic, backed by global investors.

Byju’s also became a prominent sponsor of the Indian national cricket team.

However, rapid expansion led to financial strain, regulatory scrutiny, and mounting creditor disputes, eventually pushing the company into crisis.