Byju’s CEO assures company’s compliance after raids over alleged forex law violations

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. 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.