New Delhi: Byju Raveendran, the founder of India's highest-valued edtech startup Byju's, has been sentenced to six months of jail by a Singapore court for contempt of court.
In its observation, the court found that Raveendran has violated multiple court orders related to his assets dating back to April 2024.
In addition, the court slapped a fine of about USD 70,500 as legal expenses.
Byju's was once the most valuable startup in India, valued at USD 22 billion. The Jail sentence is seen as another big jolt to the Indian founder.
Earlier, the Singaporean court had directed Raveendran to surrender himself in front of the officials. However, Ravindran did not respond to the court's questions.
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As per the order, Raveendran will also have to submit Beeaar Investco Pte in the court.
The order has come after a subsidiary of Qatar Investment Authority filed the case in Singapore against the beleaguered edtech firm.
This major sovereign wealth fund had invested in Byju’s at a time when the edtech company was under severe pressure and carrying out layoffs. In this high-profile case, Qatar Holdings was represented by Drew & Napier, while Byju’s Investments was represented by Fervent Chambers.
Responding to the judgment, 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, especially at a time when all key parties have almost concluded the settlement discussions."
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"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," Raveendran said in a statement.
"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," he added.
Ends.
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