New Delhi: The Enforcement Directorate (ED) has sent a notice to edutech company Byjus, asking it to pay Rs 9,000 crore.
It is reported that the notice was given to Byjus stating that he had accepted foreign investment in violation of the FEMA Act.
ED sources indicate that Baijus has received Rs 28,000 crore as Foreign Direct Investment (FDI) during the period from 2011 to 2023 and that Baijus has invested Rs 9,754 crore as Overseas Direct Investment (ODI) abroad during this period.
The parent company of Baijus is Think and Learn Pvt Ltd, founded in 2011 by Malayali Baiju Ravindran and his wife Divya Gokulnath.
In the first phase, Byjus was providing online coaching for competitive exams. In 2015, the ByJuice Learning App was released.
In 2018, ByJuice had one and a half crore customers. With the spread of Covid-19, Byjus’ assets were rising sharply.
Later, Byjus acquired many companies including Akash. But then slowly Baijus started losing ground.
In April this year, ED at Baijus offices. Checked. Last November, there were news that the company was facing huge losses.