Byju Raveendran, CEO of the education platform, has written to the employees. (file)
New Delhi:
After Byju’s premises were searched by financial crime-fighting agency Enforcement Directorate (ED), education platform CEO Byju Raveendran wrote to employees that the company has brought in more FDI into India than any other startup and the firm is paying all applicable taxes. Fully compliant with forex laws.
India’s most valuable startup, Byju’s was once valued at USD 22 billion and has attracted global investors such as General Atlantic, BlackRock and Sequoia Capital.
“Since we are funded by 70+ influential investors who have done due diligence on our operations including all FEMA (Foreign Exchange Management Act) compliances, we are confident that the authorities will also come to the same conclusion,” said Raveendran. The memo, which was seen by PTI, was sent late on Saturday night.
The ED on Saturday carried out searches at three premises in Bengaluru linked to the company for alleged violation of Foreign Exchange Act. The ED had said that searches at ‘Think and Learn Pvt Ltd’ (Byju’s online learning platform) led to “seizure of various incriminating documents and digital data”.
The firm had received foreign direct investment of about Rs 28,000 crore between 2011 and 2023, the agency had said, adding that Rs 9,754 crore was sent to the firm in various foreign jurisdictions during the same period in the name of foreign direct investment.
In an internal memo, Raveendran said the company had sent some money overseas to fund its international acquisitions.
“The ED’s recent visit is an investigation under FEMA. The information requested and furnished by the authorities with regard to FDI, foreign investment made by BYJU’S and cross border transactions relating to marketing and branding activities has been furnished earlier. Our authorized representatives by,” he wrote.
He said that Byju’s made several overseas acquisitions as part of its growth strategy, investing Rs 9,000 crore over the years. “These acquisitions have been instrumental in expanding our reach and influence. To finance these acquisitions, we have remitted some of our funds overseas.”
“I would also like to highlight that BYJU’S has brought in more FDI in India than any other Indian startup (Rs 28,000 crore), and as a result, we have been able to create job opportunities for over 55,000 talented professionals. are,” he said. “This makes us India’s largest employer among startups.” He added that BYJU’S has made all efforts to fully comply with all applicable foreign exchange laws.
“All our cross-border transactions are duly vetted by its professional advisors/advisers and advisors/advisors to investment funds and other sophisticated counterparties,” he added.
“Further, all such transactions are carried out only through regular banking channels/ authorized dealer banks of RBI and necessary documents and statutory filings have been duly submitted.” He said that Byju’s is fully cooperating with the authorities.
“Since we are funded by 70+ impact investors who have satisfactorily conducted due diligence on our operations, including all FEMA compliances, we are confident that the authorities will come to the same conclusion,” he added. “Let us continue to focus on our goals and work together towards achieving our mission.”
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