Brought more FDI than any start-up, says Byju

Byju Raveendran, ed-tech firm Byju’s founder, stated on Sunday that the company has brought in approximately 28,000 crores in foreign direct investment (FDI) to India, more than any other startup. This announcement followed searches and seizures by the Enforcement Directorate (ED) at the company’s premises. Raveendran assured employees that the company had complied with applicable foreign exchange laws and had vetted all cross-border transactions with professional advisors and counsel. Byju had invested around 9,000 crores in overseas acquisitions as part of its growth strategy. All transactions were routed through regular banking channels and submitted to the Reserve Bank of India (RBI). Raveendran acknowledged that the recent visit by the ED was related to an inquiry under the Foreign Exchange Management Act (FEMA). Last year, the Ministry of Corporate Affairs also asked the company to explain its delay in filing audited accounts. Byju is confident that the authorities will conclude that the company has satisfactorily complied with all FEMA requirements, given its funding from over 70 impact investors who have done due diligence on its operations.