The Qatar Investment Authority (QIA), through its subsidiary Qatar Holding LLC, has escalated its legal battle against troubled edtech firm Byju’s and its co-founder Byju Raveendran.
The sovereign wealth fund has filed a fresh enforcement petition in the Karnataka High Court to recover a $235 million arbitral award, along with interest of 4% per annum compounded daily from February 28, 2024, which has increased the total obligation to over $249 million.
Tracing the case’s history?
In September 2022, Qatar Holding extended $150 million in financing to Byju’s Investments Private Limited (BIPL), an investment vehicle of Raveendran and a wholly owned subsidiary of Byju’s Global. In this Singapore-registered entity, Raveendran is the sole shareholder.
BIPL, in turn, owns shares in Think and Learn Private Limited, the parent company of Byju’s. The loan was personally guaranteed by Raveendran.
The funds were meant to finance the acquisition of 17,891,289 shares in Aakash Educational Services Limited (AESL) under a cash-settled option transaction.
Byju’s acquired Aakash Institute in 2021. Qatar Holding claims the agreement expressly restricted any transfer of these shares to another entity or individual. QIA alleges that, in breach of the deal, the shares were later moved to another Singapore-based corporate entity controlled by Raveendran.
In April this year, the Karnataka High Court dismissed Qatar Holding LLC’s petitions seeking to restrain Raveendran and BIPL from disposing of assets worth $235 million, including AESL shares, while ordering a temporary status quo.
The court held that Qatar Holding must approach the Arbitral Tribunal under the Singapore International Arbitration Centre (SIAC) Rules, rather than the Indian courts.
What did arbitration lead to?
Qatar Holding commenced arbitration in Singapore in March 2024. The Emergency Arbitrator issued a global freezing order on BIPL’s and Raveendran’s funds and assets up to $235 million, citing the risk of asset dissipation. The Singapore High Court later confirmed both the award and the freezing order.
On July 14, 2025, the arbitral tribunal issued its final award, directing immediate payment of $235 million to Qatar Holding, with 4% interest from February 2024, compounded daily.
The accrued interest has already crossed $14 million, taking the total obligation to $249 million, the legal counsel representing Qatar Holding said in a statement. In light of the favourable judgment in Singapore, Qatar Holding has now filed a fresh petition in the Karnataka High Court.