Byju's founder Raveendran writes to employees on ED searches
Apr 30, 2023
New Delhi [India], April 30 : Byju's Founder Byju Raveendran on Sunday informed his employees through email on Sunday that he was fully cooperating with the authorities after the directorate of enforcement conducted searches on Byju's premises.
He said Byju's had taken all the efforts to fully comply with all the application foreign exchange laws.
He wrote that Byju's was funded by more than 70 impact investors who have satisfactorily done due-diligence on operations. Raveendran said he was confident that the authorities will also come to the same conclusion.
He said, "I want to assure that we remain steadfast in our commitment to our students and vision"
He said that the recent visit by the ED is an enquiry 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 years as part of our growth strategy and added that, "These acquisitions have been instrumental in expanding our reach and impact".
