In an internal memo, Raveendran said the company had sent some money overseas to fund its international acquisitions.
Byju’s was once valued at US$22 billion and has attracted global investors such as General Atlantic, BlackRock and Sequoia Capital.
After financial crime-fighting agency ED searched Byju’s premises, Byju Raveendran, CEO of education platform, wrote to employees that the company has brought in more FDI in India than any other startup and that the firm was compliant with all applicable forex laws. fully complies with.
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.
ED had searched three premises on Saturday Associated with the company in Bangalore 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 recent visit of ED is a probe under FEMA. The information requested and submitted by the authorities regarding FDI, foreign investment made, and cross-border transactions relating to marketing and branding activities by BYJU’S has been previously submitted by our authorized representatives,” 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 increasing our reach and influence. To finance these acquisitions, we have sent some of our funds overseas. This has enabled us to create employment opportunities for over 55,000 talented professionals.”
“This makes us India’s largest employer among startups.” He further added that BYJU’S has made all efforts to fully comply with all applicable foreign exchange laws. Advisers and advisors/advisors to investment funds and other sophisticated counterparties,” he said.
“Additionally, 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 added that Byju’s was 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’s work together towards achieving our goals and our mission.”
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(This story has not been edited by News18 staff and is published from a syndicated news agency feed)
