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Byju Raveendran, co-founder of Byju’s, has assured teachers of a small payment by the weekend.
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The company has been facing financial difficulties, with delayed salary payments to teachers.
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Byju’s is navigating an insolvency process and facing legal challenges from US-based lenders.
Byju Raveendran, co-founder of edtech firm Byju’s, has apologized to teachers for the delayed salary payments and assured them of a small payment by the weekend. In an email sent to teachers, Raveendran acknowledged the financial strain placed on staff and expressed gratitude for their continued efforts.
The company has been facing financial difficulties, with delayed salary payments to teachers for several months. Despite promises of payment, the company has failed to disburse full payments for previous months, leaving many educators in a difficult position. Additionally, Byju’s is navigating an insolvency process and facing legal challenges from US-based lenders, who have staked claims on its India assets.
Raveendran has urged teachers to remain resilient and assured them that more substantial payments would follow once Byju’s regains financial control. The co-founder also addressed the ongoing legal battles, expressing confidence in winning the case against US-based lenders. However, he admitted that the company’s bank accounts are no longer under his control, affecting the resolution of payment delays.
Byju’s financial troubles have also affected current and former employees, who have not received their Form 16 and have faced issues with tax deductions.
