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MP Karti asks SFIO to probe Byju’s funding

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BENGALURU: Congress MP Karti P Chidambaram on Thursday tweeted that he has written to India’s fraud regulator SFIO to launch an investigation into the financing of edtech giant Byju’s. “It’s imperative that a thorough investigation is launched,” he tweeted.
In a letter that was tagged to the tweet, Chidambaram said a number of news reports highlighted “grave allegations” against the company concerning its finances. An email sent to Byju’s didn’t elicit a response till the time of going to press.
Chidambaram sought SFIO’s attention towards the $800-million funding round raised by the edtech firm in March this year. He said two of the funders, Sumeru Ventures and Blackrock, do not appear to have brought in the money promised. “This raises a question of the missing Rs 2,500 crore in the company’s funding,” he said. Byju’s had recently clarified that its fundraising efforts are on track and a majority of the $800 million had already been received.

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