Troubled edtech company Byju’s on Friday told its employees that salaries will be delayed in January. The company has also given the reason behind this. The company said that some shareholders raised unnecessary controversies due to which this would happen. Earlier, big investors like General Atlantic, Prosus, Chan Zuckerberg Initiative and Peak XV Partners had demanded the removal of Byju Raveendran as Chief Executive Officer and reconstitution of the company’s board.
Investors conspired: Byju’s
The management said in an internal mail sent to employees that ‘some investors saw our difficulties. They considered this a perfect opportunity to hatch a conspiracy and demanded the removal of our founder as the Group CEO of Byju’s. He said that we were very sad to see this.
Think and Learn Pvt informed the employees that there will be a slight delay in the distribution of salaries this month because these select investors have unnecessarily created controversy. It is written in the email that as many of you would be aware, Byju had personally taken the responsibility of paying the salaries in the last few months.
Byju also mortgaged his house for the financial security of his employees. This month is no different. We assure you again that our salaries will be paid in phases. Salary payment will start from today and will be completed by Monday.
The company gave assurance
It said that the company has received a response of more than 100% investment for the proposed amount in three days for the rights issue of Rs 200 million.
Byju’s said that this process will take an additional 25 days to complete. This will ensure that we have adequate growth capital and will also be able to meet all operational liabilities. This will begin the last phase of our recovery.
