No End To Byju's Woes, Faces Lawsuit In The US

Tech company Byju's Alpha, was sued by an agent for lenders owed $1.2 billion after months of negotiations between creditors and the education technology firm, as per a Bloomberg report.

The lawsuit was filed by Glas Trust Company and investor Timothy R. Pohl against Byju's Alpha, Tangible Play, Inc. and Riju Ravindran. The two companies being sued are units of Think and Learn Private, the edtech giant founded by Byju Raveendran. The case is Glas Trust Company vs Riju Ravindran, 2023-0488, Delaware Chancery Court (Wilmington), reported Bloomberg.

Riju Ravindran is a director of Think and Learn Private Limited, according to a regulatory filing.

Tangible Play Inc., is the business behind the Osmo brand. In 2019, the Byju's bought US-based educational gaming company Osmo for $120 million in a stock-and-cash deal, added the Bloomberg report.

"Details about why the case was filed and what Glas Trust and Pohl want have been redacted from court documents," according to the Bloomberg report. "One filing indicates that the lawsuit may be related to a fight over the election of directors, but does not include any specific allegations."

A judge in Wilmington, Delaware - where the lawsuit was filed earlier this month - scheduled a hearing by telephone Thursday to decide whether the case should be expedited. The report said that Delaware Chancery Court Judge Morgan Zurn denied Ravindran's and Byju's request to close Thursday's hearing to the public, stated the Bloomberg report.