From company’s $22 billion valuation to jail sentence: The rise and fall of Byju Raveendran
Byju Raveendran, the beleaguered founder of Indian edtech startup Byju’s, has been sentenced to six months in prison by a Singapore court over a dispute over default on a loan from the Qatar Investment Authority (QIA).
Raveendran’s lawyer, Michael McNutt, said the default stemmed from bankruptcy proceedings initiated against the edtech founder in India.
Making a statement on this matter, Raveendran said: “Today’s Singapore court action is a procedural contempt of the court order arising solely from disagreements over the disclosure of documents in ongoing proceedings; it is not a finding of fraud, dishonesty or any substantive wrongdoing. I have been directed to appear in court on June 15 and appeal options are available.”
He also said that lenders such as QIA and GLAS Trust, along with other stakeholders, had held talks with the company’s founders and other stakeholders and an agreement in principle had been reached, with only a few minor issues remaining pending.
“I have no role in the remaining matters. I am disappointed that the recent Singapore court case was pursued and reported in a way that created a misleading impression of me, especially at a time when all the major parties had almost completed settlement talks,” Raveendran said. he said.
Here’s a look at the timeline of legal issues involving Raveendran and his company:
2021-22: Expansion and debt accumulation
Byju’s saw a meteoric rise when it managed to raise huge funds and took out loans worth $1.2 billion in 2021 to finance its growing number of global acquisitions.
At its financial peak, the company was valued at $22 billion.
However, behind this positive picture of the company’s success, there were growing concerns about delayed financial filings, the company’s management practices and the intense cash burn it was experiencing.
2023: Lender disputes begin
Audit firm Deloitte, along with some board members, resigned from the company amid growing concerns about financial reporting and internal controls. As he left his position at the company, Deloitte claimed that “long overdue” financial statements were behind his decisions.
The company was also criticized for aggressive sales practices and delays in paying employees.
BCCI, which chose Byju’s as the jersey sponsor of the Indian cricket team, filed a bankruptcy case against the company for not paying the sponsorship dues. ₹158 crore.
July 2024: Bankruptcy proceedings begin
The National Company Law Tribunal (NCLT) admitted Byju’s parent company Think & Learn Pvt Ltd into insolvency proceedings on July 16, 2024.
An Interim Resolution Professional (IRP) took control of the company from its management.
Creditors began to claim that the company was trying to block the formation of the Committee of Creditors (CoC).
July-August 2024: Agreement with BCCI
An agreement was reached between Byju’s and BCCI for July-August 2024, funded by Riju Raveendran, brother of the edtech founder.
On August 2, 2024, the NCLT allowed withdrawal of the insolvency case against the company, but the Supreme Court reversed the measure.
End of 2024: International cases
The cases were pursued by Byju’s US lenders in Delaware courts, where he was accused of misappropriating approximately $533 million of the company’s loan funds.
Aakash Educational Services, one of Byju’s biggest acquisitions, has proposed a rights issue to raise fresh capital after insolvency proceedings intensified.
The issue reaching the Supreme Court allowed the rights issue to continue. If Byju’s holdings fell below a certain threshold, he would completely lose control over Aakash.
2025: SC rejects claims against bankruptcy process
In 2025, the Supreme Court rejected Byju’s arguments against the company that the insolvency process could be bypassed after the agreements were made.
They continued to face obstacles as they tried to gain operational control of the company.
May 2026: Singapore court sentences Raveendran to prison
Raveendran was sentenced to six months in prison by a Singapore court in May 2026. He also planned to file an appeal against it.
