Byju’s, the learning platform has cheered up its staff and partner for the positive support by the team during a weekend raid by Enforcement Directorate agency.
The agency has investigated the Bengaluru based startup’s office premises and digital documents as well as data, the agency said in a Twitter post. The probe is being conducted under the Foreign Exchange Management Act(FEMA), it said.
“Byju’s has taken all efforts to fully comply with all applicable foreign exchange laws and all our cross-border transactions have been duly vetted by both its professional advisors/counsel and advisors/counsel of the investment funds and other sophisticated counterparties,” Byju Raveendran, the startup’s founder and chief executive officer, wrote in a letter to employees.
“Lastly, I want to express my gratitude to all of you for your continued hard work and dedication towards our mission of transforming education in India and around the world,” Raveendran wrote. “I understand that this news may have caused concern and I want to assure you that we remain steadfast in our commitment to our students and our vision.”
