Byju’s credits January salaries, Raveendran says “moving mountains to make payroll” 

Battered edtech major Byju’s has credited all outstanding January salaries amounting to ₹70 crore, to its employees, over the past two days. Founder Byju Raveendran, in a letter to employees, has said.

• Also read: Byju’s leadership rallies behind Byju Raveendran; the firm says investors have no right to decide who should be CEO

The company had earlier communicated to its employees that the disbursement of employee salaries for January would be delayed till Monday due to liquidity issues.

“I know you were told that you will get your salaries by Monday. Many of you wrote to me that you wouldn’t mind waiting even more because you know what I am going through. But you did not have to wait even till Monday. 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 wrote in a letter to employees.

Raveendran also said that the “fight” is only against a few vested interests who were trying to sabotage the company by impeding the rights issue. Byju’s has kicked off a $200-million rights issue to raise funds from its existing investors, starting from January 29.

Previously, a group of investors were seeking to oust the top brass of the company led by Byju Raveendran, saying they are ‘deeply concerned’ about future stability under the current leadership. To which he had noted that has secured commitments of over 100 per cent for its proposed rights issue to raise $200 million.

Team’s sacrifices

The founder, in his letter, also acknowledged that his team has made sacrifices. He said that everybody has grappled with decisions they never desired to make, and everybody is a little bit weary in this battle, but nobody has chosen to give up.

• Also read: Crisis due to select investors, 100% commitment received for rights issues: Byju’s to employees in letter

“I am not implying that these challenges have not shaken me. Entrepreneurs are supposed to be stoic and steadfast. They indeed have an irrational capacity to suffer and the ability to eventually prevail over all that pain. But they too, laugh, cry, work, weep and bleed the same way as any other person navigating the joys and complexities of life. They too, hope and worry about what tomorrow might bring. They too, hug their kids when they get scared,” he further wrote.