The ED said on Saturday that BYJU’S was being vetted in relation to the foreign direct investment to the tune of Rs 28,000 crore, which the edtech major received during the period from 2011 to 2023.
News Unicorns News ‘BYJU’S has brought more FDI to India than any other Indian startup,’ CEO Byju Raveendran to staff after ED search.
‘BYJU’S has brought more FDI to India than any other Indian startup,’ CEO Byju Raveendran to staff after ED search
The ED said on Saturday that BYJU’S was being vetted in relation to the foreign direct investment to the tune of Rs 28,000 crore, which the edtech major received during the period from 2011 to 2023.
After the Enforcement Directorate (ED) searched BYJU’s premises, ed-tech founder and CEO Byju Raveendran on Saturday wrote to his employees explaining the company’s position. He said the scrutiny was brought upon them because of the extensive foreign funding they have received and the number of overseas acquisitions they have made.
“We have made a number of overseas acquisitions (investing an amount of approx. Rs. 9,000 crores) over the years as part of our growth strategy,” he said in an e-mail. “I also want to highlight that BYJU’S has brought more FDI to India than any other Indian startup (Rs. 28,000 crores), and as a result, we have been able to create job opportunities for more than 55,000 talented professionals. This makes us India’s largest employer among startups,” Raveendran wrote to his employees.
Despite the concerns raised by the ED, Raveendran tried to reassure his employees saying that the firm had complied with all regulations and all transactions are being vetted by professionals. “BYJU’S has taken all efforts to fully comply with all applicable foreign exchange laws and all our cross- border transactions have been duly vetted by both its professional advisors/counsel and advisors/counsel of the investment funds and other sophisticated counterparties,” the note read.
