According to a corporate spokeswoman who responded to questions from Business Today, “The recent visit by officials from the Enforcement Directorate (ED) in Bangalore was related to a routine inquiry under FEMA.”
With its headquarters in Bangalore, Karnataka, India, Byju’s is an international educational technology firm. It was established in 2011 by Divya Gokulnath and Byju Raveendran. Byju’s is estimated to be worth US$22 billion as of March 2022. The business estimates that there will be over 150 million students registered as of April 2023.
Byju’s app was created by Think and Learn Pvt. Ltd., a business that was founded in 2011 by Byju Raveendran, Divya Gokulnath, and a number of students. Since 2006, Byju, a professional engineer, has been teaching mathematics to kids. The company initially concentrated on providing online video-based learning programmes for the K–12 market and for competitive tests. The company first appeared in the Deloitte Technology Fast 500 Asia Pacific and Deloitte Technology Fast 50 India rankings in 2012, and it has continued to do so ever since.
Byju’s: The Learning App was released in August 2015 by the company. Both the Byju Parent Connect app and the Byju Math App for children were released in 2017. With 15 million users by 2018, 900,000 of those individuals were paying customers. The first edtech unicorn in India was achieved by Byju’s in the same year. 60% of BYJU’S students came from non-metropolitan and rural cities by the year 2019.
The education technology firm BYJU’s stated that the Enforcement Directorate’s most recent searches at three of its premises were part of a normal investigation and that it would cooperate with the authorities.
According to a corporate spokeswoman who responded to questions from Business Today, “The recent visit by officials from the Enforcement Directorate (ED) in Bangalore was related to a routine inquiry under FEMA.”
The corporation would abide by the authorities in everything pertaining to the investigation, the representative further stated.
They said: “We are confident that this matter will be resolved in a timely and satisfactory manner and we will continue to work closely with the authorities to ensure that they have all the information they need.”
The corporation has been open and honest with the authorities throughout the investigation, the representative continued.
“We have dealt with the authorities in a fully open and honest manner, and we have given them all the information they have asked for. The BYJU’S representative stated, “We are devoted to sustaining the greatest standards of compliance and ethics. We have nothing but the utmost trust in the integrity of our operations.
It is important to note that the corporation released the financial accounts for the fiscal years 2020–21 after a delay of 18 months. and has not since reported financial statements.
In accordance with the terms of the Foreign Exchange Management Act (FEMA), the ED said on Saturday that it had carried out searches and seizures at three locations connected to Byju Raveendran, the CEO and creator of BYJU’s, and his ed-tech business.
