The Enforcement Directorate (ED) has issued a notice to edtech major Byju’s, asking it to pay ₹ 9,000 crore for allegedly violating foreign funding laws, sources have said. The company has, however, denied receiving any such communication from the authorities.

According to sources in the ED, Byju’s received foreign direct investment (FDI) of around ₹ 28,000 crore between 2011 and 2023. The edtech major, the sources said, remitted around 9,754 crore to foreign jurisdictions during the same period in the name of overseas direct investment.

The edtech major has posted on its official X handle that it has not received any such communication. “Byju’s unequivocally denies media reports that insinuates Byju’s of any FEMA violation. The company has not received any such communication from authorities,” the statement said.

The ED’s notice is the latest development in the unravelling of what was India’s most valued start-up at one time.

Byju’s parent company, Think and Learn Private Limited, was set up by engineers and teachers Byju Raveendran and his wife Divya Gokulnath in 2011. Initially, they offered online learning programmes for competitive exams.