Camshaft declares Byju’s as $533M fund's owner

Anurag Paul

4th Mar'24
Camshaft declares Byju’s as $533M fund's owner | OpenGrowth

In court documents this week, Camshaft revealed that it moved $533 million managed for Byju’s Alpha, a U.S. branch of the Indian education technology company Byju’s, to another U.S.-based subsidiary fully owned by Byju’s. This action disputes claims that Byju’s used Camshaft's services to funnel money away.

According to the court documents, Camshaft mentioned that the funds were moved to Inspilearn LLC, a subsidiary of Byju’s based in Delaware. Camshaft also made it clear that neither Byju’s nor any of its associated companies are investors in the hedge fund.

Byju’s informed TechCrunch through a statement that Camshaft's disclosure aligns with their stance that they still held the rightful ownership of the funds. Byju’s clarified that the Credit Agreement they entered into with the lenders didn't dictate how the funds should be utilized, nor did it specify a particular amount to be kept as collateral.

"This recent disclosure puts an end to false stories regarding the alleged siphoning off of $533 million," stated the startup.

Why did Camshaft Capital raised concerns last year?

Camshaft Capital garnered media scrutiny last year when lenders of Byju’s raised concerns about the credibility of the wealth advisor, alleging that the $533 million served as collateral for a $1.2 billion loan provided to the Indian startup. Some disenchanted investors in Byju’s then exploited these allegations to question the integrity of Byju’s founder, Byju Raveendran.

Byju’s, valued at $22 billion in early 2022, is currently embroiled in a legal dispute with certain shareholders in Bengaluru, its primary market. These shareholders are trying to nullify a rights issue at the edtech company.

Byju’s notified its employees on Saturday that the startup had managed to raise new funds through the rights issue. However, a small group of investors, only 4 out of more than 150, have taken actions that prevent the company from using the raised funds to pay employee salaries, which the company described as heartless.

Due to this situation, more than 20,000 employees of Byju’s won't receive their salaries on time, Raveendran informed in a message to employees.

Last month, some shareholders voted to remove Raveendran from the edtech group. The following day, Raveendran reassured employees that he remained their chief executive and raised doubts about the legitimacy of the actions taken by the select group of investors.

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Anurag has been writing content for over eight years, and he is dedicated to it and cannot see himself in any other industry. As a passionate writer, he is interested in business and entrepreneurship. An accomplished technologist and financial expert, he strives to empower others through entrepreneurship, leaving his comfort zone to explore entrepreneurship. Having worked in the Financial sector for more than five years as a full-timer, he also has a keen interest in Corporate Finance ...

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