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regular-article-logo Sunday, 05 May 2024

Byju’s clears January salaries, blames delay on 'artificially induced crisis' by investors

The start-up, staring at a tussle with some of its shareholders, added Raveendran personally took the responsibility to pay salaries over the past few months, by pledging his only home

Our Special Correspondent Mumbai Published 05.02.24, 11:52 AM
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Edtech firm Byju’s — facing a liquidity crunch — has paid salaries to all its employees for January over the last two days, founder and CEO Byju Raveendran said in an internal e-mail.

Last week, Byju’s told its staff there would be a "slight delay’’ in salaries for the month, attributing ``artificially induced crisis’’ by some select investors.

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The start-up, staring at a tussle with some of its shareholders, added Raveendran personally took the responsibility to pay salaries over the past few months, by pledging his only home.

Byju’s further said their salaries will be paid in a phased manner beginning Sunday and completed by February 5. It is now reliably learnt that all the salaries have been paid for last month.

A Moneycontrol report quoting Raveendran said that while they were told that the salaries would be credited by Monday, they did not have to wait till then.

“I have been moving mountains for months to make payroll, and this time, the struggle was even bigger to ensure that you receive what you rightfully deserve,” Raveendran reportedly said, in the latest letter.

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