BYJU’s 'moved mountains' to pay January salaries to employees, says founder

Ed-tech firm BYJU’s claims that it has ensured that its employees received their salaries for January although there were media reports that it may be delayed.

The founder of the company Byju Raveendran in an email to employees informed them that salaries for the month of January had been paid, and that he had to “move mountains” to make it happen. He thanked them for not giving up.

“I know you were told that you will get your salaries by Monday. Many of you wrote to me that you wouldn’t mind waiting even more because you know what I am going through. But you did not have to wait even till Monday,” wrote Byju in his email.

He added that he has been moving mountains for months to make the payroll, and that this time the struggle was even bigger to ensure they received what they rightfully deserved.

The company has been facing a severe financial crisis and cash flow problem, with lenders filing lawsuits against it for failing to meet payment deadlines. The company has also had to face raids by the Enforcement Directorate over allegations of foreign exchange violations.

The company that was once flying high, especially during the pandemic, with a peak valuation of $22 billion in 2022 has seen a drastic fall in its current value of $250 million. The firm is trying to secure $200 million in exchange for new stock.

Raveendran concluded his email saying that everybody had made sacrifices and were a little bit weary in this battle, but nobody had chosen to give up. He said it was because they were proud of what they had built.