Raveendran said the company had sent some money abroad for its international acquisitions. (File)
New Delhi :
Education technology platform Byju’s Chief Executive Officer (CEO) Byju Raveendran wrote to employees saying the company has brought more foreign direct investment (FDI) into India than any other deterrent. Also he added that the firm is fully compliant with the Byju Alien Exchange Law. The Enforcement Directorate (ED), the criminal affairs agency on financial crimes, had on Saturday searched the premises of Byju’s. India’s valuation was once estimated at $22 billion and has attracted global looks like General Atlantic, BlackRock and Sequoia Capital.
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“Since we are told by over 70 affected selected people who single handedly comply with the FEMA (Foreign Exchange Management Act) report. We are sure the jurisdiction will also come to this conclusion,” Raveendran said. He said this in the letter late on Saturday night.
In an internal letter, Raveendran said that the company had sent some foreigners abroad for its international acquisitions.
He wrote, “ED’s profile raided an investigation under FEMA.” The information has already been conveyed by our authorized representatives to the authorities regarding F demat, foreign investment and customs related marketing and branding activities by BYJU’S.
He said that Byju’s has made some overseas acquisitions investing Rs 9,000 crore over several years as part of its growth strategy.
“I would also like to add that BYJU’S replicates more F’s in India than any other Indian enterprise and because of this we are creating employment opportunities for over 55,000 talented professionals,” he added.
He said it is India’s largest employer amid expansion.
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(This news has not been edited by ANDITV team. It is published directly from the syndicate.)