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.