Report: Byju's likely to miss salary deadline amid rift with investors
The report said the company won't be able to credit the salaries as funds raised via its rights issue remain stuck
Edtech firm Byju's is likely to miss today's deadline to pay the salaries of more than 20,000 employees for February, a sources said.
The report said the company won't be able to credit the salaries as funds raised via its rights issue remain stuck.
This comes after CEO Byju Raveendran claimed that the company is trying to ensure that they pay the salaries by March 10.
In the email, while informing that Byju's is unable to pay salaries, Raveendran also lashed out at a group of investors for moving a resolution that locked away the company's fund in a separate account.
Notably, last month, the primary stakeholders of Byju's decided to oust Raveendran from the position of CEO and remove him from the board of the company he founded in 2015.
The edtech firm has experienced a significant downturn, with a notable decline of around 90 per cent over the past year.
