"Brought More FDI To India Than...": BJYU's CEO After Probe Agency Action
NDTV
Byju's, he said, made a number of overseas acquisitions, investing Rs 9,000 crore over the years as part of its growth strategy.
After financial crime-fighting agency Enforcement Directorate (ED) searched Byju's premises, the education platform's CEO Byju Raveendran wrote to employees saying the company brought more FDI to India than any other startup and that the firm fully complies with all applicable foreign exchange laws.
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.
"As we are funded by 70+ impact investors who have satisfactorily done due diligence on our operations, including all FEMA (Foreign Exchange Management Act) compliance, we are confident that the authorities will also come to the same conclusion," Raveendran said in the memo sent late on Saturday, which was seen by PTI.
ED had on Saturday searched three premises in Bengaluru linked to the company over alleged foreign exchange law violations. Searches at 'Think & Learn Private Limited' (Byju's online learning platform) yielded "various incriminating documents and digital data was seized", ED had said.
