Education expertise platform, BYJU’s, CEO Raveendran on Sunday wrote to staff that teh firm brought more Foreign Direct Investment (FDI) to India than any other startup including that the agency absolutely complies with all relevant international alternate legal guidelines.
India’s most dear startup, Byju’s was as soon as valued at USD 22 billion and has attracted international buyers comparable to 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 stated in the memo despatched late on Saturday, which was seen by PTI.
ED had on Saturday searched three premises in Bengaluru linked to the corporate over alleged international alternate legislation violations. Searches at ‘Think & Learn Private Limited’ (Byju’s on-line studying platform) yielded “various incriminating documents and digital data was seized”, ED had stated. The agency had obtained international direct funding of practically Rs 28,000 crore between 2011 and 2023, the company had stated, including the agency remitted Rs 9,754 crore to numerous international jurisdictions throughout the identical interval in the title of abroad direct investments.
In the interior memo, Raveendran stated that the corporate had despatched some cash abroad to fund its worldwide acquisitions. “The recent visit by the ED is an enquiry under FEMA. The information requested by and furnished to the officers in connection with the FDI raised, overseas investments made, and cross-border transactions relating to marketing and branding activities by Byju’s has previously been submitted by our authorized representatives,” he wrote.
Byju’s, he stated, made plenty of abroad acquisitions, investing Rs 9,000 crore over time as a part of its progress technique. “These acquisitions have been instrumental in expanding our reach and impact. In order to fund these acquisitions, we have remitted some of our funding overseas.”
“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 job opportunities for more than 55,000 talented professionals,” he stated. “This makes us India’s largest employer among startups.” He went on to state that Byju’s has taken all efforts to completely adjust to all relevant international alternate legal guidelines.
,
“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,” he stated. “Additionally, all such transactions are routed only through regular banking channels/the RBI’s authorized dealer banks and the requisite documentation and statutory filings have been duly submitted.” He stated Byju’s was absolutely cooperating with the authorities.
“As we are funded by 70+ impact investors who have satisfactorily done due diligence on our operations, including all FEMA compliance, we are confident that the authorities will also come to the same conclusion,” he stated. “Let us continue to focus on our goals and work together towards achieving our mission.”
ALSOÂ READ |Â ED raids Byju’s workplace in Bengaluru, says, ‘CEO Raveendran by no means appeared for questioning’
