INDIA: Byju Raveendran, CEO of the education platform Byju’s, wrote to staff members to assure them that his company had brought more FDI to India than any other startup and had complied with all applicable foreign exchange laws.
Byju’s, the most valuable startup in India, once had a $22 billion valuation and drew investors from around the world. Raveendran said they are confident that the authorities will come to the same conclusion, as they are funded by 70+ impact investors who have done due diligence on their operations.
The ED raided three locations in Bengaluru connected to Byju’s due to alleged violations of foreign exchange rules. Searches at Byju’s online learning platform, “Think & Learn Private Limited,” revealed incriminating documents and digital data.
ED said that the company received over Rs 28,000 crore in foreign direct investment between 2011 and 2023 and sent Rs 9,754 crore to foreign jurisdictions under the heading of overseas direct investments.
Raveendran claimed that the business had shifted some cash outside to pay for its global acquisitions. The latest ED visit is part of a FEMA inquiry, and the information required by and provided to the authorities has already been supplied by the edu-tech company’s authorised representatives.
Byju’s has made a number of acquisitions abroad, spending a total of Rs 9,000 crore. This has enabled the expansion of their reach and influence, as well as the transfer of part of their funding overseas, according to Raveendran.
Additionally, Byju’s has brought more foreign direct investment (FDI) to India than any other Indian startup, creating job opportunities for over 55,000 talented professionals. As a result, Byju’s is the largest startup employer in India, claims CEO.
Byju’s has made every effort to abide by all applicable foreign exchange laws. All transactions are routed through regular banking channels/the RBI’s authorised dealer banks, and the necessary documentation and statutory filings have been duly submitted, as per Raveendran.
They are optimistic that the authorities will also come to the same decision, as they are supported by 70+ impact investors who have done due diligence on their operations. They are committed to their objectives and cooperate to carry out their purpose.
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