A Delaware Bankruptcy Court filing has claimed that the missing $533 million from Byju’s Alpha was “in effect, roundtripped right back to Byju Raveendran and his affiliates,” contradicting the edtech founder’s earlier sworn statements. The founders of Think & Learn (TLPL) have categorically rejected the allegations.
The filing comes as Byju’s Alpha seeks approval of a settlement with OCI Limited, the UK-based procurement company that received most of the disputed money. As part of the settlement, OCI’s founder Oliver Chapman submitted a sworn declaration detailing what happened to the funds.
Chapman’s declaration states that “$533 million was clandestinely removed, with the intention that the vast majority of that money be moved (via a series of opaque transfers) to a corporate vehicle in Singapore—Byju’s Global—that Raveendran individually owned.”
Of the $505.9 million received by OCI between May and July 2022, approximately $479.6 million was transferred to Revere Master SPV LLC, a special purpose vehicle intended to route funds to Byju’s Global in Singapore, the declaration claims. An additional $13.1 million went to companies including Google and Sony India for procurement activities, while the remainder went to Rupin Banker, it added.
This contradicts Raveendran’s October 2024 sworn declaration stating that the funds were used for “legitimate commercial purposes” to procure “IT equipment, such as electronic tablets, and advertising.”
In a statement issued on Monday, Byju’s founders called Chapman’s testimony “full of conjectures and selective insinuations” that “does not substantiate any claim of wrongdoing.”
“The facts remain unchanged: No portion of the $533 million in question has been used by founders directly or indirectly. The said amount has been used in its entirety for the benefit of Think and Learn as evidenced in documents and bank statements,” the Byju’s said in a statement.
They accused Glas Trust and the Resolution Professional (RP) of presenting “only partial/selective extracts, stripped of context” despite having “full access to the complete financial records.” Their forthcoming filing would provide evidence rebutting the assertions, they added. Separately, Raveendran’s legal team said it intends to file claims against Glas Trust seeking damages exceeding $2.5 billion for alleged violations including racketeering and obstruction of justice.
Byju’s dramatic fall began after raising a $1.2 billion Term Loan B in November 2021. By mid-2023, lenders alleged the $533 million was missing and moved to take control of its special purpose vehicle, Byju’s Alpha. In February 2024, Byju’s Alpha filed for Chapter 11 bankruptcy in Delaware. In India, the BCCI filed an insolvency petition in June 2024 over unpaid dues of Rs 158 crore, triggering corporate insolvency proceedings. The company once valued at $22 billion is now undergoing insolvency in both jurisdictions.
Ronnie Screwvala’s UpGrad and Ranjan Pai’s Manipal Group have reportedly submitted an expression of interest for TLPL under insolvency.
