Byju Crisis: Byju Ravindran, CEO of edutech firm Byju, which is facing financial crisis, has given a good news to his teachers. Ravindran informed the teachers that he has managed to borrow some funds. In an email sent to the teachers on September 21, Ravindran acknowledged the long-standing delay in salary payment. Along with this, he apologized for the financial crisis faced by the employees.
What did Byju Ravindran say
Byju Ravindran told the teachers- I have to apologize to you. You have given your best, yet we have not been able to compensate for your work. This is not right and I am really sorry for this. Ravindran further said that despite all the obstacles, we have managed to borrow some funds. It is not much but we will be able to pay a small amount to each of you by this weekend.
appeal to be gentle
Despite the challenges, Ravindran urged the teachers to stay calm. You have taken classes, solved doubts, created content and kept our students engaged, he said. He assured that more payments will be made once Byju’s regains financial control.
mention of legal battles
Ravindran also mentioned the ongoing legal battles that have exacerbated the company’s financial difficulties. He said that the US-based lenders have filed a weak case claiming our Indian assets. According to the agreement we have signed, we have no right over these assets. Ravindran further said that I have faith in the company. I know that together, we will come out of this stronger than before.
This email has come at a time when Byju’s employees are not getting salary payments on time. The company has not yet paid the full salary for several months including February and March, due to which most of the teachers are in a difficult situation.
