Byju’s CEO Reacts To ED Searches, Says ‘Brought More FDI Than Any Other…’

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New Delhi: Amid the ED search at Byju’s premises, the founder Byju Raveendran on Sunday informed his employees through email that he was fully cooperating with the authorities.

According to reports, in the email to his employees, he claimed that Byju’s was funded by more than 70 impact investors who have satisfactorily done due diligence on operations.

He further added that “I want to assure you that we remain steadfast in our commitment to our students and vision”.

He said that the recent visit by the ED is an inquiry under the Foreign Exchange Management Act (FEMA).

He said the information requested by officers had previously been submitted by representatives.

He said in the letter that the company had made a number of overseas buyouts over the years as part of our growth strategy and added that “These acquisitions have been instrumental in expanding our reach and impact”.

“I also want to highlight that Byju’s has brought more FDI to India than any other Indian startup ( ₹28,000 crore), and as a result, we have been able to create job opportunities for more than 55,000 talented professionals,” he said. “This makes us India’s largest employer among startups.”

Earlier on Saturday, ED searched three premises linked to the company in connection with the alleged foreign exchange law violations.

(With Agency Inputs)

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