Byju Raveendran, founder of Byju’s, has reportedly been sentenced to six months in jail by a Singapore court for contempt after allegedly failing to comply with multiple court orders linked to his assets. According to a Bloomberg report, the court ordered Raveendran to surrender to authorities, pay legal costs of S$90,000 (around $70,500) and provide documents proving his ownership of Beeaar Investco Pte, a company that held shares in a related entity.
The ruling marks another major setback for the embattled edtech founder, who is already facing mounting legal and financial pressure from investors and lenders in several countries, including the US. Creditors there are attempting to recover losses connected to a troubled $1.2 billion loan. Byju’s saw explosive growth during the Covid-19 pandemic as schools shut down and online learning surged in popularity. Founder Byju Raveendran, a former maths teacher who became one of India’s best-known startup entrepreneurs, attracted major investors including Prosus, the Chan Zuckerberg Initiative and the International Finance Corporation, part of the World Bank Group. Football icon Lionel Messi was also signed as the company’s global brand ambassador.
