Byju CEO Assures Compliance Over Suspected Breaches of Forex Laws in Internal Memo After ED Raids

Indian education platform Byju's CEO is confident that the country's financial crime-fighting agency will find the company compliant after raids on its premises over suspected breaches of foreign exchange laws, according to an internal memo.

Byju's is one of India's biggest startups, once valued at $22 billion (roughly Rs. 17,98,34 crore). It has attracted global investors such as General Atlantic, BlackRock, and Sequoia Capital, which have invested in the company over the years.

"As we are funded by 70+ impact investors who have satisfactorily done due diligence on our operations, including all FEMA (Foreign Exchange Management Act) compliance, we are confident that the authorities will also come to the same conclusion", CEO Byju Raveendran said in the memo sent late on Saturday, which was seen by Reuters.

Byju's did not respond immediately to a request for comment.

India's Enforcement Directorate raided three premises linked to the company on Saturday over alleged foreign exchange law violations.

The searches revealed that Byju's parent firm Think & Learn Pvt Ltd had received foreign direct investment of nearly Rs. 280 billion ($3.43 billion) between 2011 and 2023, the agency said on Saturday.