Relief to Byju's employees stuck in trouble, this is how CEO Byju Raveendran was able to pay January salary

Relief to Byju's employees stuck in trouble, this is how CEO Byju Raveendran was able to pay January salary

Byjus Employees Salary: Difficult times are going on for the edutech company Byju's but the company's CEO and co-founder Byju Raveendran gave the salary for the month of January to his employees. Is. Byju Raveendran has given this information in a letter written to his employees. Ravindran has written that this time the struggle to pay salaries was bigger than before and he has faced huge problems like a mountain to pay salaries to his employees. 

Salaries were given to employees on Sunday itself

According to the report of Livemint, Byju's CEO Byju Raveendran said in a letter written to the employees on Sunday that the company has deposited their salaries for January even before the promised time. Byju is struggling to meet its operational costs and in such a situation, signing the monthly salary of the employees can be a big deal, which Raveendran has also expressed in his letter. 

Byju Ravindran also wrote a letter to the employees

Raveendran said in a letter to the employees that “I know you were told that you will get your salary by Monday… but you did not have to wait even till Monday. I have been moving mountains for months for payroll and this time, the struggle was even bigger to ensure that you get what you deserve. 

Raveendran also wrote in detail about his personal challenges in the letter. Byju Raveendran wrote that "The world reads about my daily struggles regularly but someday I will tell you about my miracles that are happening every month. I believe that with every struggle of time comes a hidden miracle, so I have to keep moving forward."

A period of crisis for Byju's – also an attempt to oust Ravindran

Edtech company Byju's, which is in crisis, is facing problems one after the other. On February 3, 2024, news came that the company's American unit Byju's Alpha has filed a bankruptcy petition. A day before this, investors also tried to oust Byju's CEO Byju Raveendran from the board. Byju Alpha has failed to repay its loan of $1.2 billion. Due to this he has applied for bankruptcy. 

Byju's is facing financial crisis

According to the report of economic portal Moneycontrol, for Byju, up to Rs 70 crore per month has to be added to the salary. Its total expenditure in FY 2022 was Rs 13,668 crore. The company is planning to raise $200 million from its investors through a rights issue at a valuation of $200-225 million. Let us tell you that this is approximately 99 percent less than its highest valuation of $22 billion.

Byju's is laying off employees and has also delayed full and final payments to those employees on many occasions. The company has also reportedly made efforts to reduce its workforce by 3,000-3,500 in October.

Read this also

Foreign Investors: Japanese investors are becoming disillusioned with China! India becomes new favourite, flow increased so much in January

Get more latest business news updates

Leave a Comment

Scroll to Top