Bengaluru: During a period of financial turbulence and heightened investor scrutiny, Byju’s, a leading player in the edtech sector, found itself at a critical juncture grappling with salary payment challenges. Founder and CEO Raveendran Byju’s heartfelt email to the company’s workforce shed light on the strenuous efforts to ensure timely compensation amidst adversity.
In a poignant message to the dedicated team, Raveendran Byju acknowledged their collective sacrifices and unwavering support during trying times. Expressing gratitude for their patience and resilience, he underscored the monumental efforts made to secure January salaries.
“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. Everybody has made sacrifices, 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,” Byju conveyed in his letter to employees on Sunday (February 4).
Reports indicate that the company successfully cleared all outstanding payments owed to current employees, a day ahead of the previously set deadline.
“Nothing matters to me more than your belief in my ability to deliver. I fight for you. You fight alongside me. This is the sacred relationship that has helped me weather every storm,” Byju reiterated in the communication.
Byju’s has embarked on a rights issue to raise $200 million, with a valuation significantly lower than its peak valuation of USD 22 billion in March 2022. In a recent email to employees, the management attributed the delay in January salary payments to an “artificially induced crisis” orchestrated by a specific group of investors.
“Certain investors, seeing the crisis we faced, saw it as an opportunity to conspire and demand the stepping down of our founder as the group CEO of Byju’s. We are pained to see this action from a few of the investors who should have supported us in our fight at these challenging times, instead of directly speaking to the media,” the note explained.
Byju conveyed to employees that the company is nearing operational profitability, with just a quarter left to reach this milestone.
“Yes, we still have old liabilities to settle and short-term growth to secure. The success of this rights issue will ensure that we adequately address these challenges,” he emphasized.
This communication followed shortly after a group of investors issued a notice calling for an extraordinary general meeting of Think & Learn Pvt Ltd shareholders, the parent company of Byju’s.
