The CEO of Byju’s, Raveendran, sent a message to the company’s employees after the Enforcement Directorate (ED) searched three of his company’s premises. Byju’s is a popular online education portal based in Bengaluru and has received a lot of investment from big names like Mark Zuckerberg and Mary Meeker. The company was once valued at $22 billion.
In his message, Raveendran said that Byju’s has brought more FDI to India than any other startup and that the company complies with all applicable foreign exchange laws. Byju’s has over 70 impact investors who have done due diligence on the company’s operations, including FEMA compliance. Raveendran is confident that the authorities will reach the same conclusion.
The ED conducted raids on Raveendran’s properties for alleged violations of FEMA provisions. Byju’s had received nearly Rs 28,000 crore in foreign direct investment between 2011 and 2023. The firm remitted Rs 9,754 crore to various foreign jurisdictions during the same period for overseas direct investments.
Raveendran explained that the company sent some money overseas to fund its international acquisitions.
