Byju’s Unit Declared Beneficial Owner of $533 Million Funds by Camshaft

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Camshaft disclosed in court filings this week that some $533 million it managed for Byju’s Alpha, a U.S. unit of Indian edtech group Byju’s, was transferred to another 100% and U.S.-based subsidiary of Byju’s, thereby refuting allegations that the Indian firm used the wealth manager’s services to misappropriate money. In the court filings, Camshaft said the capital was transferred to Inspilearn LLC, a Delaware-based subsidiary of Byju’s. Camshaft also clarified that Byju’s or any of its entities are not limited partners in the hedge fund. Camshaft Capital attracted media attention last year after lenders of Byju’s questioned the legitimacy of the wealth advisor as they claimed the $533 million was a collateral for a $1.2 billion they had lent to the Indian startup. A select few estranged investors in Byju’s later used the allegation to discredit Byju’s founder Byju Raveendran’s credibility.