Byju’s CEO, Byju Raveendran, wrote to employees that the company brought more FDI to India than any other startup, fully complying with all valid foreign exchange laws. This was claimed after the financial crime-fighting agency searched the firm’s premises.
Byju’s was once valued at $22 billion, attracting global investors like General Atlantic, BlackRock, and Sequoia Capital.
The CEO said that as funded by 70 plus investors who have pleasingly done due diligence on our jobs, including Foreign Exchange Management Act compliance, they are confident that the authorities will announce the same conclusion.
ED searched three premises in Bengaluru’s company on Saturday over alleged foreign exchange law violations. Searches at Think & Learn Private Limited, Byju’s online platform, produced “various incriminating documents and digital data was seized.
The firm received an FDI of Rs 28,000 crore between 2011 and 2023, and the firm remitted Rs 9,754 crore to various foreign jurisdictions during the same period under overseas direct investments. The company also sent some money overseas to fund its international acquisitions.
The ED’s recent visit is an inquiry under FEMA. Official representatives submit the information requested and provided to the officers with the FDI raised, overseas investments made, and cross-border dealings of marketing and branding activities by Byju’s.
Byju’s made overseas acquisitions, investing Rs 9,000 crore over the years for its growth strategy.
He said all our cross-border transactions are duly vetted by its professional advisors/counsel, and the investment funds with other sophisticated counterparties.
Moreover, all such transactions are directed only through regular banking channels or the RBI’s official dealer banks, and the requisite documentation and statutory filing are duly submitted.