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‘BYJU’S under ED Radar

ED suspects Rs 28,000 crore, which the edtech major received during the period from 2011 to 2023

BYJU’S has brought more FDI to India than any other Indian startup,’ CEO Byju Raveendran

 

After the Enforcement Directorate (ED) searched BYJU’s premises, ed-tech company founder and CEO Byju Raveendran wrote to his staff on Saturday to explain the company’s position. He said the scrutiny was brought to them because of the extensive foreign funding they received and the number of overseas acquisitions they made.

“Over the years, as part of our growth strategy, we have made a number of overseas acquisitions (we have invested an amount of around Rs 9,000 crore),” he said in an email. “I also want to highlight that BYJU’S has brought more FDI to India than any other Indian startup (Rs 28,000 crore) and as a result we have been able to create employment opportunities for over 55,000 talented professionals. This makes us India’s largest employer among startups,” Raveendran wrote to his staff.

After the Enforcement Directorate (ED) searched BYJU’s premises, ed-tech company founder and CEO Byju Raveendran wrote to his staff on Saturday to explain the company’s position. He said the scrutiny was brought to them because of the extensive foreign funding they received and the number of overseas acquisitions they made.

“Over the years, as part of our growth strategy, we have made a number of overseas acquisitions (we have invested an amount of around Rs 9,000 crore),” he said in an email. “I also want to highlight that BYJU’S has brought more FDI to India than any other Indian startup (Rs 28,000 crore) and as a result we have been able to create employment opportunities for over 55,000 talented professionals. This makes us India’s largest employer among startups,” Raveendran wrote to his staff.

“Furthermore, all such transactions are routed only through normal banking channels / RBI authorized dealer banks and necessary documents and statutory submissions have been duly submitted. I want to assure you that we are fully cooperating with the authorities,” he added.

Although Raveendran claims that all rules and regulations are being followed, it is worth noting that the last financial statements released by the company were for the financial year FY 2020-21, which were submitted 18 months late.

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