A day after the Directorate of Enforcement (ED) conducted searches and seizure action at the premises of Byju’s, the founder and chief executive officer of the edtech giant Byju Raveendran said that the company has taken all efforts to fully comply with all applicable foreign exchange laws.
“All our cross-border transactions have been duly vetted by both its (company’s) professional advisors and counsel and advisors and counsel of the investment funds and other sophisticated counterparties,” said Raveendran, in a letter addressed to the employees.

“Additionally, all such transactions are routed only through regular banking channels (and) the RBI’s authorized dealer banks and the requisite documentation and statutory filings have been duly submitted. I want to reassure you that we are fully cooperating with the authorities,” he added.
ED on Saturday conducted searches and seizure action at three premises of the Bengaluru-based firm which achieved a valuation of $22 billion in a funding round last year in March. These three premises include two business units and one residential property in Bengaluru in the case of Byju Raveendaran and his company ‘Think & Learn Private Limited’ under the provisions of the Foreign Exchange Management Act (FEMA).

During the search and seizure action, various incriminating documents and digital data were reportedly seized. FEMA searches also revealed that the company has received foreign direct investment to the tune of Rs 28,000 crore (approx.) during the period from 2011 to 2023.
Raveendran said in the letter that Byju’s has made a number of overseas acquisitions (investing an amount of approx. Rs. 9,000 crore) over the years as part of its growth strategy. These acquisitions have been instrumental in expanding its reach and impact.

“In order to fund these acquisitions, we have remitted some of our funding overseas,” said Raveendran. “I also want to highlight that Byju’s has brought more FDI (foreign direct investment) 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. This makes us India’s largest employer among startups.”