Qatar Fund Wins $235 Million Arbitration Award

Doha, Qatar - Qatar’s sovereign wealth fund has secured a decisive victory in its long-running dispute with Indian edtech entrepreneur Byju Raveendran, with the Singapore International Arbitration Centre (SIAC) awarding US$235 million plus interest to the fund.

The case stems from a 2022 loan deal, where Qatar Holding LLC, a subsidiary of the Qatar Investment Authority (QIA), extended a US$150 million facility to Raveendran’s Singapore-based company, Byju’s Investments Pte. Ltd. (BIPL). The loan was personally guaranteed by Raveendran and intended to finance Byju’s acquisition of a larger stake in its test-prep unit Aakash Educational Services.

The Dispute

Qatar Holding accused Raveendran of breaching the loan agreement by transferring the pledged Aakash shares to another entity under his control, despite contractual restrictions.

In March 2024, QIA initiated arbitration in Singapore. An emergency arbitrator quickly issued a global asset freeze against Raveendran and BIPL — a ruling later upheld by Singapore’s High Court.

The Award

On 14 July 2025, the tribunal ordered Raveendran to repay US$235 million immediately, with daily compounded interest of 4% from February 2024. Interest has already pushed the claim above US$249 million.

QIA has now petitioned the Karnataka High Court in Bengaluru to enforce the award in India, seeking to freeze and sell assets tied to the default.

Indian Court Proceedings

This isn’t the first time the dispute has landed in Indian courts. In April 2025, the Karnataka High Court declined to impose a sweeping asset freeze requested by QIA, advising the fund to seek relief through SIAC. However, the court did grant a temporary three-month protection order over the disputed Aakash shares.

With the SIAC award now final, QIA’s enforcement petition could significantly tighten pressure on Raveendran.

Why It Matters

For Qatar, the case shows its sovereign fund’s willingness to pursue cross-border enforcement aggressively, underlining the credibility of international arbitration frameworks like SIAC.

For Indian startups, it highlights the rising scrutiny from global investors and the risks of breaching financing terms.

And for the wider region, the ruling is a reminder that capital comes with accountability — a lesson relevant not only to high-growth tech founders in India but also to entrepreneurs across the Gulf and beyond.

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