Byju Salary Crisis: Byju's owner distributed the salary of 15 thousand people by mortgaging their houses.

Byju Salary Crisis: Byju's owner distributed the salary of 15 thousand people by mortgaging their houses.

Byju Salary Crisis: The country's leading edtech company Byju has now come to such a situation that it was not even able to distribute salaries to its employees. However, to get the company out of this crisis, Byju's founder took emotional steps and collected money by mortgaging his house and started paying salaries to the employees. According to sources, salaries were paid to about 15 thousand employees of the company on Monday. 

Two houses and one villa mortgaged 

According to the information, the company's founder Byju Ravindran has raised an amount of $ 12 million by mortgaging his two houses and an under-construction villa in Bengaluru. This money was used to distribute salaries. Ravindran has mortgaged not only his own houses but also the houses owned by his family members. Byju, a giant in the education sector, is currently facing a severe cash crunch. 

The company maintained silence 

However, the company or Ravindran's office has not said anything openly about this yet. On Monday, the startup handed over this money to Byju's parent company Think and Learn Private Limited, so that the salary could be distributed. Ravindran is trying his best to save the company. 

The company is facing shortage of money 

Byju was once described as India's most valuable tech startup. To overcome the cash crunch, the company has started the process of selling its US-based digital reading platform for $400 million. The crisis started when Byju's failed to repay the EMI of its term loan of $1.2 billion.  

Ravindran's wealth was 5 billion dollars 

Ravindran's wealth was estimated at around 5 billion dollars. Have taken a loan of 400 million dollars at personal level. For this he has put all his shares in the company at stake. Also, he has invested around 800 million dollars back to save the sinking company. Due to this they no longer have cash left. 

BCCI also dragged it to court 

Byju had also become the sponsor of the Indian Cricket Team during its growth days. However, later he removed his name from the jersey of Team India. At present BCCI and BYJU'S are stuck in legal disputes. The hearing of this case is going on in the National Company Law Tribunal (NCLT).

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