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Investors such as Dutch technology investor Prosus have previously accused CEO Byju Raveendran of mismanagement.
Foreign investors in Indian education technology company Byju’s, including General Atlantic, have urged the country’s Supreme Court to hear their concerns as judges decide on the future of the company which is undergoing insolvency, a legal filing shows.
Once a darling of global investors, valued at $22 billion in 2022, Byju’s became popular by offering online training courses during the Covid-19 pandemic, but is now locked in a dispute with U.S. lenders seeking $1 billion in unpaid dues – a case that has triggered its insolvency.
In an Aug. 25 filing, which is not public but was seen by Reuters, General Atlantic, Prosus, Peak XV (previously known as Sequoia Capital) and Sofina told the court they “wish to present grounds pertaining to the issues” under consideration.
The four investors are the biggest foreign shareholders in Byju’s with a combined stake of nearly 17 per cent. They said they share concerns about mismanagement at the company, just like U.S. lenders, the filing showed.
Byju’s declined to comment.
Investors such as Dutch technology investor Prosus have previously accused CEO Byju Raveendran of mismanagement in disputes that became public, though the executive has denied any wrongdoing.
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First Published: Aug 27 2024 | 5:11 PM IST
