Qatar’s sovereign wealth fund is suing Byju Raveendran in Indian courts to recover $235 million from the embattled educational technology (edtech) entrepreneur, escalating a global legal battle that has ensnared one of India’s most high-profile startup founders.
The Qatar Investment Authority (QIA), through its subsidiary Qatar Holding LLC, has intensified its fight against Raveendran and his investment vehicle, Byju’s Investments (BIPL).
It has moved the Karnataka high court to enforce an arbitration award against Raveendran, who personally guaranteed a $150 million loan that later defaulted.
The fund is also seeking 4 per cent annual interest, compounded daily, accruing from February 28, 2024, which now amounts to over $14 million (about Rs 123 crore).
The dispute dates back to September 2022, when Qatar Holding extended $150 million in financing to BIPL.
The loan was personally guaranteed by Raveendran, cofounder and principal shareholder of Think & Learn.
The money was used to help finance the acquisition of 17,891,289 shares in Aakash Educational Services, with an explicit restriction against transferring those shares.
In breach of this agreement, according to the petition filed by QIA, the shares were later shifted to another Singapore-based entity controlled by Raveendran.
After repeated defaults, Qatar Holding terminated the financing arrangement and demanded early repayment of $235 million.
“Both BIPL and Raveendran failed to meet their respective obligations under the contract and the personal guarantee,” according to a source.
Global freezing order
In March 2024, Qatar Holding initiated arbitration in Singapore.
The emergency arbitrator ordered a global freezing of BIPL’s and Raveendran’s funds and assets, up to a value of $235 million, to prevent dissipation.
The Singapore High Court subsequently upheld the award and the freezing order.
On July 14, the arbitral tribunal issued its final award, directing immediate payment of $235 million to Qatar Holding, along with 4 per cent interest from February 2024, compounded daily.
Interest has already exceeded $14 million, pushing the total obligation to more than $249 million.
Enforcement in India
Qatar Holding filed an enforcement petition on August 12 before the Karnataka high court.
The petition seeks recognition of the award as a court decree, an injunction against transfer of assets by Raveendran or BIPL, and attachment or sale of their moveable and immoveable assets in India.
The enforcement bid marks the latest chapter in Raveendran’s widening legal troubles.
In the US, he has reportedly been held in contempt of court in bankruptcy proceedings and ordered to pay $10,000 (Rs 8.7 lakh) a day until required disclosures are made.
According to reports, $533 million is unaccounted for in a $1.2 billion loan taken by a Think & Learn subsidiary.
According to reports, public filings reference Raveendran’s defiant remarks, including claims that the missing money was “somewhere the lenders will never find”.
Meanwhile, Byju’s itself remains mired in insolvency, with stakeholders blaming the crisis on senior-level mismanagement.
For Qatar Holding, the enforcement petition is part of a broader push to reclaim money it says is lawfully owed.
Backed by a worldwide freezing order and parallel proceedings in multiple jurisdictions, the sovereign wealth fund appears intent on holding Raveendran and his entities accountable.
The case underscores the deepening crisis at Byju’s, once valued at $22 billion.
Mounting financial pressure, disputes with investors, and regulatory scrutiny have left the edtech giant in tatters.
This includes a standoff with US lenders demanding $1 billion in unpaid dues, which triggered insolvency proceedings.
“The worth of India’s most valuable startup is zero now,” Raveendran told reporters recently, as he pledged to rebuild the collapsed empire “from scratch, brick by brick”.
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