Congress MP Karti Chidambaram wants the SFIO to look into BYJU’s finances

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Karti P Chidambaram, Member of Parliament from Sivaganga, has written to the Special Fraud Investigation Office (SFIO) requesting an investigation into the finances of edtech giant BYJU’S.

The MP stated in a letter to the SFIO, which he shared on Twitter, that various news reports have highlighted “grave allegations” against the edtech startup. According to its filings, BYJU’S has issued Series F preference shares to Vitruvian Partners out of the $800 million fundraise announced by the startup in March 2022 with participation from CEO and cofounder Byju Raveendran, Sumeru Ventures, Vitruvian Partners, and BlackRock. However, no such filing exists for Sumeru Ventures or BlackRock. “This raises the issue of the missing INR 2,500 Cr in the company’s funding,” the MP claims.

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Congress MP Karti Chidambaram wants the SFIO to look into BYJU’s finances

Karti P Chidambaram, Member of Parliament from Sivaganga, has written to the Special Fraud Investigation Office (SFIO) requesting an investigation into the finances of edtech giant BYJU’S.

The MP stated in a letter to the SFIO, which he shared on Twitter, that various news reports have highlighted “grave allegations” against the edtech startup. According to its filings, BYJU’S has issued Series F preference shares to Vitruvian Partners out of the $800 million fundraise announced by the startup in March 2022 with participation from CEO and cofounder Byju Raveendran, Sumeru Ventures, Vitruvian Partners, and BlackRock. However, no such filing exists for Sumeru Ventures or BlackRock. “This raises the issue of the missing INR 2,500 Cr in the company’s funding,” the MP claims.

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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