Business

New Delhi, June 23, 2023 : India's corporate affairs ministry has ordered an inspection of edtech startup Byju's, CNBC-TV18 reported on Friday, citing sources. The inspection comes after the ministry received complaints about the company's financial practices.The ministry has reportedly asked the Serious Fraud Investigation Office (SFIO) to conduct the inspection. The SFIO is a government agency that investigates financial fraud.
Byju's is one of the most valuable startups in India. The company was valued at $22 billion in a funding round last year. However, the company has been facing some financial challenges in recent months.

In April, Byju's announced that it would lay off 2,500 employees. The company also said that it would slow down its expansion plans.
The inspection of Byju's is the latest in a series of regulatory probes into India's edtech sector. In recent months, the government has also ordered inspections of other edtech companies, including Unacademy and Vedantu.The inspections are part of a broader government crackdown on the edtech sector. The government is concerned about the high valuations of some edtech companies and the potential for financial fraud.

The inspection of Byju's is likely to have a significant impact on the company. The company will need to cooperate with the SFIO and provide all the necessary documents. The inspection could also lead to further regulatory action against the company.
The inspection of Byju's is a sign that the government is taking the edtech sector seriously. The government is concerned about the potential for financial fraud and is determined to protect investors. The inspection is also a reminder to edtech companies that they need to comply with all applicable laws and regulations.