Byju Founder Raveendran sentenced to six months in jail in Singapore

A Singapore court sentenced Byju’s founder Byju Raveendran to six months in jail for contempt of court over alleged non-compliance with disclosure orders, but the entrepreneur said the ruling was “procedural,” denied wrongdoing and that he planned to appeal.

Bloomberg reported that the Singapore court directed Raveendran to surrender to authorities, pay legal costs of S$90,000 ($70,500) and furnish documents proving his ownership of Beeaar Investco Pte, a corporate entity that held shares in a related company

The ruling marks the most serious legal setback yet for the founder of Byju’s, once one of India’s most valuable startups, which has been battling investor disputes, debt litigation and operational turmoil following a sharp post-pandemic downturn.

The legal action in Singapore has been initiated by a subsidiary of Qatar Investment Authority, which had invested in the company during a period when Byju’s was cutting jobs and restructuring operations, according to the report.