Reacting to a Singapore court’s decision against him, Byju’s founder Byju Raveendran said, “I am disappointed that the recent Singapore court matter has been pursued and reported in a manner that creates a misleading impression about me.”Byju Raveendran, the founder of failed edtech firm Byju’s, has been handed a six-month jail sentence by a Singapore court in a contempt case, as per a Bloomberg report.The court ordered imprisonment after concluding that Raveendran had not complied with multiple directives related to his assets that had been issued since April 2024.In addition to the prison term, he has been directed to surrender to authorities, pay legal expenses of S$90,000 (approximately $70,500), and furnish documents establishing his ownership of Beeaar Investco Pte, a company that held shares in an affiliated entity.In his statement, Raveendran said that the decision by QIA to continue pressing the matter appears to be an unnecessary pressure tactic at a sensitive stage of the settlement process.Raveendran founded Think & Learn Pvt Ltd, popularly known as Byju’s, which at one point became one of India’s most prominent startup success stories and helped turn him into a billionaire during the surge in global investor interest in Indian technology ventures.He is also facing legal proceedings in Singapore initiated by a subsidiary of the Qatar Investment Authority, which had invested in the company during a phase when the edtech firm was carrying out layoffs and scaling down operations.The report said Qatar Holdings was represented by Drew & Napier in the matter, while Byju’s Investments was represented by Fervent Chambers.
Byju Raveendran’s full statement
Below is the full text of Byju Raveendran’s statement on the Singapore Court verdict:“The lenders, including GLAS Trust and QIA, as well as other stakeholders, have been in discussions with the founders and other parties. A settlement has been agreed in principle, with only a few residual minor issues left to be finalised between certain parties. I have no role in those remaining issues. I am disappointed that the recent Singapore court matter has been pursued and reported in a manner that creates a misleading impression about me, especially at a time when all key parties have almost concluded the settlement discussions. As part of the settlement discussions, the parties have also acknowledged that there has been no wrongdoing on my part or on the part of the other founders. That is why it is deeply unfortunate that this matter is being used to create a contrary public narrative at this sensitive stage. It is important to clarify that I have not been actively contesting several court proceedings in recent months precisely because the parties were working towards a comprehensive settlement. I chose resolution over confrontation. Against this backdrop, the decision by QIA to continue pressing this matter appears to be an unnecessary pressure tactic at a sensitive stage of the settlement process. I have always maintained that I acted in good faith and in the best interests of BYJU’S, its employees, students and stakeholders. I have also placed on record that neither I nor any of the founders personally received any portion of the disputed funds, and that the funds were used for legitimate business purposes. Even today, my priority is to support a constructive resolution and avoid saying anything that may affect the ongoing settlement process. However, I cannot allow a false and one-sided narrative to go uncontested and I strongly reject any such incorrect portrayal.”
