In a statement issued on Friday, Byju’s said that the company was fully cooperating with the authorities and that it had nothing to hide. The statement also sought to reassure the company’s employees, stating that their jobs were secure and that there would be no impact on the day-to-day operations of the business.
We want to assure our employees that we are fully cooperating with the authorities and that there is no need for them to be concerned. We are committed to transparency and compliance, and we have nothing to hide. Our employees are the backbone of our business, and their jobs are secure, the statement read.
Source- TOIThe raid on Byju’s offices comes at a time when the EdTech industry in India is experiencing significant growth, driven by the pandemic-induced shift to online learning. Byju’s, which was founded in 2011 by Byju Raveendran, has emerged as the market leader, with a valuation of over $16 billion.
The company has raised significant amounts of funding from investors such as Facebook founder Mark Zuckerberg and has been on an acquisition spree, acquiring several smaller EdTech startups in recent years.
The tax authorities have not yet commented on the specifics of the investigation, but reports suggest that the raid was conducted based on information suggesting that the company may have underreported its revenue and evaded taxes.
The outcome of the investigation could have significant implications for the EdTech industry in India, which is already facing scrutiny from regulators over issues such as data privacy and the quality of online education.
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