Byju’s denies receiving any notice from ED

New Delhi: Edtech major Byju’s on Tuesday denied reports that the Enforcement Directorate (ED) has issued a show cause notice to the company over alleged violations under the Foreign Exchange Management Act (FEMA) worth $1.08 billion (about Rs 9,000 crore). Have done.

In a statement to IANS, the company “categorically denied” media reports that it was going to receive any ED notice.

“The company has not received any such communication from the Enforcement Directorate,” a company spokesperson said.

According to multiple reports, the show cause notice was issued following ED searches at Byju’s premises earlier this year.

Sources had said in May that a preliminary investigation following the search found no FEMA violations by the edtech firm.

Sources had indicated that the material collected and searched by ED at Byju’s premises in Bengaluru has not yet established any FEMA violation.

A company spokesperson had said that the ED visit was “related to a routine investigation under FEMA and there has been no violation by Byju under FEMA”.

The edtech firm said it will continue to work closely with authorities to ensure they have all the information they need.

Think & Learn Pvt Ltd (TLPL), parent of leading edtech company Byju’s, had earlier this month said it has recorded 2.3x growth in core business (excluding all acquisitions) and total income has increased from Rs 1,552 crore to Rs 3,569 crore. It has become Rs. Last year.

EBITDA loss of core business narrowed to Rs 2,253 crore (y-o-y) from Rs 2,406 crore.