Byju Raveendran, Founder and CEO of education technology major BYJU’s, has written a letter to his employees, in the wake of raid by the Enforcement Directorate (ED) at his offices and residences for two days. BYJU’s has remitted some of its funding abroad in order to fund overseas acquisitions. India’s ED conducted search and seizure operations on April 27 and 28 at three premises of Byju Raveendran and his company Think & Learn Private Limited, under the provisions of the Foreign Exchange Management Act (FEMA). The ED said that BYJU’s remitted Rs 9,754 crore to various foreign jurisdictions in the name of overseas direct investment. Byju Raveendran told employees that “we have made a number of overseas acquisitions (investing an amount of approximately Rs 9,000 crore) over the years as part of our growth strategy. In order to fund these acquisitions, we have remitted some of our funding overseas.” BYJU’s has brought more FDI to India than any other Indian startup (Rs 28,000 crore). “We have been able to create job opportunities for more than 55,000 talented professionals. This makes us India’s largest employer among startups,” Byju Raveendran said. Byju Raveendran, along with his family, moved to Dubai to avoid
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Byju's brought more FDI to India than other startups: Byju Raveendran to employees
