General Atlantic, Prosus ask SC to hear their concerns in Byju's insolvency

New Delhi: Foreign investors in Byju's, including General Atlantic, have urged the 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 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, 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 US 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.