A photograph of Byju's owner, Byju Raveendran, as seen on his company's web page.
Credit: Reuters Photo
Bengaluru: The Qatar Investment Authority (QIA), through its subsidiary Qatar Holding, on Monday said it has stepped up its legal battle against troubled edtech firm Byju's co-founder Byju Raveendran and his investment vehicle Byju’s Investments (BIPL), by moving the Karnataka High Court.
This move is to enforce an arbitral award worth $235 million (about Rs 2,060 crore), plus interest at 4 per cent per annum, compounding daily, accruing from February 28, 2024 to the date of payment – such interest now amounts to over $14 million (about Rs 123 crore), it said in a statement.
The dispute dates back to September 2022, when Qatar Holding extended $150 million in financing to BIPL. The loan was personally guaranteed by Byju Raveendran. The funds were used to part finance the acquisition of 17,891,289 shares in Aakash Educational Services, and there was an express restriction against transferring those shares. In breach of the agreement, the shares were later transferred to another Singapore-based corporate entity controlled by Raveendran, QIA said.
Following repeated defaults, Qatar Holding terminated the financing arrangement and demanded early repayment of $235 million. Both BIPL and Raveendran failed to meet their respective obligations under the contract and the personal guarantee, it added.
In March 2024, Qatar Holding commenced arbitration in Singapore. The Emergency Arbitrator ordered a global freezing order on BIPL's and Raveendran's funds and assets, up to a value of $235 million, in the threat of dissipation of assets. The Singapore High Court subsequently confirmed the award and the global freezing order. On 14 July 2025, the final award was made by the arbitral tribunal to order the payment of $235 million to Qatar Holding immediately, and an interest rate of 4% from February 2024, compounding daily.
On 12 August 2025, Qatar Holding filed an enforcement petition before the Karnataka High Court. QIA’s Enforcement action is the newest in a series of increasing global judicial examinations facing Raveendran. In the US, he has been held in contempt of court in bankruptcy hearings and directed to pay $10,000 a day until he makes disclosures that are required.
Once valued at $22 billion, Byju's worth became zero in 2024. The troubled edtech company in 2024 faced insolvency proceedings following a dispute over a Rs 158 crore settlement to the Board of Control for Cricket in India (BCCI).