New Delhi (Reuters) – Indian tax officials have visited an office of Temasek-backed ed-tech startup upGrad for a routine survey, the company said on Wednesday.
“It’s a routine survey and we are fully compliant and cooperating with the department,” Koell Hemdev, head of legal at upGrad, said in a statement, without sharing more details of the visit.
India’s goods and services tax department, which visited UpGrad, did not immediately respond to a Reuters’ request for comment.
UpGrad, backed by Temasek and James Murdoch’s Lupa Systems, was valued at more than $2 billion last year and offers online MBA and executive education courses by partnering with local and foreign universities.
The company, founded by film producer Ronnie Screwvala, competes with firms including Softbank-backed Eruditus and troubled Indian firm Byju’s, among the country’s biggest startups.
UpGrad’s India CEO Arjun Mohan left the company in January, Reuters had reported.
