Byju’s founder Raveendran sentenced to six months in jail for contempt of court: Report
Byju Raveendran, founder of collapsed edtech company Byju’s, has been sentenced to six months in jail by a Singapore court in a contempt case, people with knowledge of the development told Bloomberg.The court directed Raveendran to face jail term after he failed to comply with several court orders related to his assets from April 2024.He has also been asked to surrender to authorities, pay legal costs of S$90,000 (about $70,500) and submit documents establishing his legal ownership of Beaar Investco Pte, an entity that holds shares in an affiliated company.The decision is another blow to the entrepreneur, who is already facing legal challenges from foreign investors in multiple jurisdictions. In the United States, lenders are attempting to recoup losses associated with $1.2 billion of loans.According to the report, it is not clear whether Raveendran is currently in Singapore or any other country.Raveendran founded Think & Learn Pvt Ltd, widely known as Byju’s, which once emerged as one of India’s biggest startup success stories and turned him into a billionaire amid increased interest from global investors in Indian technology firms.He is currently facing legal action in Singapore on behalf of a subsidiary of the Qatar Investment Authority, which participated in a funding round for the edtech company during a period when the company was cutting jobs and scaling back operations.Qatar Holdings was represented by Drew & Napier in the case, while Byju Investments was represented by Fervent Chambers, the report said.(This is a top Google Trends topic.)