Qatar Investment Authority (QIA) has intensified its legal pursuit against edtech founder Byju Raveendran, filing a petition with the Karnataka High Court to enforce a $235 million (approximately ₹2,060 crore) arbitral award, along with over $14 million (₹123 crore) in compounding interest. The petition, lodged on 12 August by QIA's subsidiary Qatar Holding LLC, seeks to have the arbitration award treated as a court decree, an injunction against the transfer of assets by Raveendran or his investment vehicle Byju’s Investments Pte. Ltd (BIPL), and the attachment or sale of their movable and immovable assets within India.

QIA characterized this legal action as a “concerted effort to reclaim money that it is lawfully owed under contract.” The dispute originated from a $150 million loan extended by Qatar Holding to BIPL in 2022, which was personally guaranteed by Raveendran, the co-founder and principal shareholder of Think & Learn Pvt. Ltd (Byju's). This loan was secured against 17.89 million shares in Aakash Educational Services Ltd, a test preparation firm owned by Byju’s. A crucial term of the agreement explicitly prohibited the transfer of these pledged shares.

QIA alleges that Raveendran violated these terms by transferring the shares to another Singapore-based entity under his control. Following repeated defaults on the loan, Qatar cancelled the deal and demanded an early repayment of $235 million. Arbitration proceedings were initiated in Singapore in 2024. An emergency arbitrator subsequently issued an order barring Raveendran and BIPL from transferring assets up to the value of $235 million, a global freezing order that was later affirmed by the Singapore High Court. On 14 July this year, the tribunal mandated the immediate repayment of $235 million and imposed a 4% daily compounding interest from February 2024, which has now pushed the total liability beyond $249 million (₹2,183 crore).

This is not QIA's first attempt to seek relief in the Karnataka High Court. In April, a similar request to prevent Raveendran and his company from selling or moving assets worth $235 million was rejected. However, the court did grant partial relief by prohibiting the sale or transfer of the Aakash shares for a period of three months, while noting that Qatar should first seek interim relief from the Singapore arbitration tribunal.

The current move marks a significant shift of the legal battleground to India, where Raveendran's assets are directly at risk of being frozen or sold. An executive familiar with the situation stated that the enforcement petition was filed in the Karnataka High Court due to its territorial jurisdiction over Byju Raveendran's assets. This latest development adds to a growing list of legal challenges confronting the edtech entrepreneur across multiple jurisdictions.

In the United States, Raveendran faces accusations of contempt of court in a separate case. In April, Byju’s Alpha Inc., a US-based special purpose finance vehicle, sued its parent company, Raveendran, his wife Divya Gokulnath, brother Riju Ravindran, and executive Anita Kishore, alleging the theft of $533 million. This case is currently before the US Bankruptcy Court for the District of Delaware. Concurrently, in India, Byju’s is grappling with insolvency proceedings for failing to pay ₹158 crore owed to the Board of Control for Cricket in India (BCCI) for a jersey sponsorship deal, with hearings commencing in June 2024. Founded in 2011 by Raveendran and Divya Gokulnath, Byju’s was once celebrated as India’s most successful edtech startup, achieving unicorn status and attracting substantial global investment.