Edtech major Byju's has released the January salary of the staff with the company's
founder and CEO Raveendran Byju
reaching out to employees for their support during the company's challenging phase. "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
said in a letter to employees on Sunday (February 4).
The company has reportedly cleared all dues of existing employees a day before the committed timeline. "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 said in the letter.
BYJU'S has floated rights issue to raise $200 million at over 99 percent lower valuation compared to its peak valuation of USD 22 billion in March 2022.
In an email note to employees on Friday, the management blamed an “artificially induced crisis” by a select group of investors for a delay in paying the January salary. "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 said.
In the letter, Byju had written to employees sharing that the company is less than a quarter away from achieving operational profitability. "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 had said
The first note to employees came a day after a group of investors issued a notice seeking an extraordinary general meeting of the shareholders of Think & Learn Pvt Ltd, the parent of Byju’s.
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