MUMBAI: Adding to edtech founder Byju Raveendran’s mounting legal woes, Qatar Investment Authority (QIA) has moved the Karnataka High Court, seeking enforcement of a $235 million (approximately ₹2,060 crore) arbitral award against him and his investment vehicle Byju’s Investments Pte. Ltd (BIPL), along with more than $14 million ( ₹123 crore) in interest.

The petition, filed on 12 August by QIA’s subsidiary Qatar Holding LLC, “seeks enforcement of the award as a decree of court, and issuance of an injunction against transfer of assets by Raveendran or BIPL, along with attachment / sale of their immovable and movable assets in India,” QIA said in a press release.

In simple words, QIA has asked the Karnataka HC to treat the arbitration award like a court order, stop Raveendran and BIPL from moving any assets, and allow their properties in India to be seized and sold to recover the money.

QIA described the filing as “a concerted effort to reclaim money that it is lawfully owed under contract.” Emails sent to QIA, Raveendran and Byju’s went unanswered.

The dispute stems from a $150 million loan Qatar Holding extended in 2022 to BIPL, personally guaranteed by Raveendran, the co-founder and principal shareholder of Think & Learn Pvt. Ltd, more commonly known as Byju’s. The loan, tied to 17.89 million shares in Aakash Educational Services Ltd, a test prep firm owned by Byju’s, carried an explicit restriction against transferring the pledged shares.

QIA alleges that Raveendran breached the terms by moving the shares to another Singapore-based entity under his control. After repeated defaults, Qatar cancelled the deal and demanded $235 million in early repayment.

In 2024, QIA initiated arbitration in Singapore. An emergency arbitrator barred Raveendran and BIPL from transferring assets worth up to $235 million, and the Singapore High Court later upheld the global freezing order. On 14 July this year, the tribunal ordered immediate repayment of $235 million and imposed 4% daily compounding interest from February 2024, which has already surpassed $14 million. The total liability now exceeds $249 million ( ₹2,183 crore).

The move in Karnataka marks a shift of the battle to India, where Raveendran risks having assets frozen or sold. It comes as the edtech entrepreneur faces scrutiny across multiple jurisdictions.

In the US, he has been accused of contempt of court in a separate dispute. In April, Byju’s Alpha Inc., a US-based special purpose finance vehicle of the company, sued its parent, along with Raveendran, his wife Divya Gokulnath, brother Riju Ravindran, and executive Anita Kishore, accusing them of stealing $533 million. That case is before the US Bankruptcy Court for the District of Delaware.

In India, Byju’s is battling insolvency proceedings after failing to pay ₹158 crore owed to the Board of Control for Cricket in India for a jersey sponsorship deal, with hearings having begun in June 2024.

Founded in 2011 by Raveendran and Divya Gokulnath, Byju’s was once India’s most celebrated edtech startup, achieving unicorn status and attracting global investors.