23 April 2024
Byju Raveendran, the founder and chief executive of Byju’s, has reportedly secured a private debt of about Rs 30 crore to pay March salaries of employees amid financial strains at the edtech company. While senior-level staff received partial payments, teachers and lower-ranking employees were paid in full for March. Earlier, the firm had paid part salaries for February and had delayed payments for March as well. Now, both February and March salaries have been partially settled. The delay stems from funds raised through a recent rights issue, which have been locked in a ‘separate account’ due to the ongoing dispute with the investors. Byju’s has about 15,000 employees, and the total salary burn for the company ranges between Rs 40 and 50 crore.
Byju Raveendran, the founder and chief executive of Byju’s, has reportedly secured a private debt of about Rs 30 crore to pay March salaries of employees amid financial strains at the edtech company. While senior-level staff received partial payments, teachers and lower-ranking employees were paid in full for March. Earlier, the firm had paid part salaries for February and had delayed payments for March as well. Now, both February and March salaries have been partially settled. The delay stems from funds raised through a recent rights issue, which have been locked in a ‘separate account’ due to the ongoing dispute with the investors. Byju’s has about 15,000 employees, and the total salary burn for the company ranges between Rs 40 and 50 crore.
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