byju’s

Byju Raveendran was sentenced for contempt after finding he had violated multiple orders related to his assets dating back to April 2024.

Byju’s was once valued at US$22 billion and backed by investors such as Tiger Global and Prosus.

Raveendran has denied the allegations, with his legal adviser stating the funds were used for the benefit of Think & Learn and not for personal gain.

The petition seeks US$235 million plus US$14 million in interest, calculated at 4% per annum compounded daily from February 28, 2024.

The lawsuits will be filed in multiple jurisdictions, alongside ongoing proceedings in Indian courts.

This decision was made during a hearing on May 20, according to EdWeek Market Brief.

Byju’s, once valued at US$22 billion, is currently undergoing insolvency proceedings.

Nearly 15 years after its first unicorn emerged in 2011, India has produced 105 startups with billion-dollar valuations.

Byju’S previous dealings with lenders may have created a conflict of interest.

Byju reached a US$22 billion valuation during the pandemic but has faced significant financial struggles since then.