Once a favourite of global investors (valued at $22 billion in 2022), Byju’s rose to popularity by offering online training courses during the COVID-19 pandemic but is now embroiled in a dispute with US lenders seeking $1 billion in unpaid dues, a case that has triggered its insolvency.
In an August 25 filing, which is not public but was seen by Reuters, General Atlantic, ProsPeak XV (formerly known as Sequoia Capital) and Sofina told the court they “wish to submit arguments relating to the issues” under consideration.
The four investors are Byju’s largest foreign shareholders, with a combined stake of nearly 17%. They said they share concerns about mismanagement at the company, as do U.S. lenders, according to the filing.
Byju declined to comment.
Investors including Dutch tech 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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