Byju Raveendran is planning to file a $2.5 billion damages claim in the United States as he fights allegations made by GLAS Trust over the handling of $533 million belonging to Byju’s Alpha, the company’s US financing arm, reported PTI. The report further says that Raveendran will present fresh evidence in the US court to dispute the claims that the money was diverted or not used properly. He maintains that the funds are fully traceable and were reinvested in the firm.
The US bankruptcy court in Delaware recently issued a default judgment ordering Raveendran to pay more than USD 1 billion. The court stated that he did not cooperate with efforts to trace a portion of a USD 1.2 billion loan that was raised in 2021. Raveendran defended that the decision was unfair because he had asked for 30 more days to hire a US attorney, but he was not allowed that time.
Byju’s founder says money trail clearly shows funds were moved into Think &Learn Pvt Ltd
Raveendran insists the questioned USD 533 million, commonly referred to as the “Alpha Funds,” is completely documented. He mentioned that the majority USD 749.62 million moved from OCI (the loan arranger) to Revere Capital and then to Byju’s entities and finally to Think &Learn Pvt Ltd.
Raveendran states that his money was utilised to finance large acquisitions worth USD 3 billion, including Aakash Educational Services. He claims GLAS Trust had full visibility into these money flows since 2025, contradicting its statements that the funds were “missing.”
He argued the US verdict mistakenly added a damages figure into a sanction order, even though no liability was decided on the merits.
Raveendran alleges GLAS Trust misled courts
As per PTI report, Raveendran also plans to submit emails, financial records and bank transfers that he says he obtained during the US proceedings but were “not fully disclosed earlier.”
He accuses GLAS Trust and the Resolution Professional of constantly misleading courts by presenting a narrative they knew was not true.
He further mentioned that the funds were invested in TLPL in compliance with Indian law and were not siphoned off for personal gain.
In a strong statement, Raveendran stated, “It is simply outrageous that I have been attacked in this manner and more importantly, that BYJU’s customers and employees have been impacted by this attack on the pure greed of these lenders.”
Raveendran maintains that the funds were used for business expansion, and GLAS Trust’s allegations have damaged the firm’s reputation.
