Why Qatar’s Sovereign Fund Is Taking Byju’s to Karnataka HC over $249 Mn - Explained

The Qatar Investment Authority, through its subsidiary Qatar Holding LLC, has mounted fresh legal pressure on crisis-hit edtech giant Byju’s and its cofounder Byju Raveendran. The sovereign wealth fund has now approached the Karnataka High Court seeking enforcement of a Singapore International Arbitration Centre (SIAC) award against Raveendran and Byju Investments.

The case has been filed to recover a $235 million arbitration award, along with 4% daily-compounded interest from February 28, 2024, raising the total dues to more than $249 million, according to Bar and Bench report.

The petition also seeks an injunction to prevent asset transfer or encumbrance, attachment and sale of movable and immovable properties, full disclosure of all assets under oath, and appointment of a receiver to take control of assets, revenues and receivables.

The agreement carried a personal guarantee from Raveendran along with a share pledge, which requires repayment of $300 million by March 2025. Qatar Holding terminated the deal in February 2024 after alleged defaults. In April 2025, the court rejected Qatar Holding’s petition, and directed it to pursue interim relief under Section 17 before the arbitral tribunal.

However, the court extended protective measures for the next three months, the report added.

How Byju's-Qatar Case Started?

The case started in September 2022, when Qatar Holding extended $150 million in financing to Byju’s Investments Private Limited (BIPL) – an investment arm of Raveendran and a wholly owned subsidiary of Byju’s Global. Raveendran is the only shareholder in this Singapore-registered entity.

BIPL holds a stake in Think and Learn Pvt Ltd, the parent of Byju’s, with the loan backed by Raveendran’s personal guarantee. The loan amount was intended to fund the purchase of 17.89 million shares in Aakash Educational Services through a cash-settled option deal.

Byju’s completed the acquisition of Aakash Institute in 2021. Qatar Holdings contends that the deal prohibited transferring those shares to any third party, but alleges they were later shifted to a Singapore-based entity linked to Raveendran.

Earlier this year, the Karnataka High Court dismissed Qatar Holding’s plea to block the disposal of $235 million worth of assets, including AESL shares, but ordered a temporary status quo. The court further directed the fund to pursue remedies under SIAC arbitration rules instead of Indian courts.

How Did Arbitration Play Out?

In March 2024, Qatar Holding initiated the arbitration in Singapore. After this, an Emergency Arbitrator ordered a global freeze on BIPL’s and Byju Raveendran’s assets worth up to $235 million. The Singapore High Court subsequently upheld the award and the freeze.

In July 2025, the arbitral tribunal delivered its final ruling and directed repayment of $235 million along with 4% daily-compounding interest from February 2024. With interest now exceeding $14 million, the liability has risen to $249 million, according to Qatar Holding’s counsel.

The fund has now filed a new petition before the Karnataka High Court on this ruling.