Ravindran says Byju’s pays January wages, ‘We are moving mountains as struggle intensifies’

Byju Raveendran, founder and CEO of embattled edtech company Byju’s, said in a new letter on February 4 that the company credited employees with all pending January salaries in the past two days.

“I know you were told you would get your paycheck by Monday. You don’t even have to wait until Monday. I have worked so hard for months to get paid and this time, to make sure you get what you deserve , I faced greater difficulties,” Ravindran said in the new letter.

The company’s monthly salary expenditure is close to 700 million rupees, Fund control the report said.

Two days ago, reports emerged that the company had postponed January salary payments as a result of a worsening liquidity crisis, despite recent assurances that employees would be paid on the first of every month.

In a subsequent letter to employees, senior management confirmed the delay and said it was due to an “artificially induced crisis by specific investors.”

Byju’s also issued a separate statement to the media stressing that its shareholder agreement does not give investors the right to vote on CEO or management changes, a day after a group of investors launched a campaign to oust its leadership.

Raveendran reiterated the same sentiment in a new letter on February 4 and said the fight was only against a few vested interests who were trying to sabotage the company by blocking a rights issue announced for existing shareholders earlier last week.

Byju’s CEO also shared the struggles he has experienced at a time when the company has been criticized for a series of issues since early 2022, including a liquidity crunch, accounting irregularities, scrutiny from government agencies, alleged mis-selling of courses and mass layoffs, among others .

“Two days ago I watched my dad, the strongest man I know, break down after seeing this news. My dad is my role model; I am a teacher because he was a teacher ; I am an entrepreneur because he always taught me to follow my dreams. He, my rock-solid supporter, was moved to tears and it gave me a sudden pang of pain,” said Ravindran.