Amid dispute with investors, Byju Raveendran says can't pay salaries
Byju's has experienced a significant downturn, with a notable decline of around 90% over the past year
Amidst the ongoing financial crisis in Byju's, company CEO Byju Raveendran on Saturday said that the edtech firm will not be able to pay the salaries of its employees.
Raveendran Raveendran informed the news to his staffers in an email, wherein he also lashed out at a group of investors for moving a resolution to lock the company's funds in a separate account.
He revealed that the funds had been locked away, even after “some of these investors have already reaped substantial profits.”
Raveendran Raveendran claimed that the company is trying to ensure that they pay the salaries by March 10.
He informed that last month, the company faced challenges in crediting salaries “due to a lack of capital,” and now the firm is “experiencing a delay despite having funds.”
Last month, the primary stakeholders of Byju's made the decision to oust Raveendran Raveendran from his position as CEO and remove him from the board of the company he founded in 2015.
Byju's has experienced a significant downturn, with a notable decline of around 90% over the past year.
