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I’ve been moving mountains for months to make payroll: Byju Raveendran

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I’ve been moving mountains for months to make payroll: Byju Raveendran

New Delhi, Feb 5 (IANS) Byju Raveendran, founder and CEO of embattled edtech company Byju’s, has told employees that he has been moving mountains for months to pay the payroll and this time, “the fight is going be even bigger to make sure you get what you rightfully deserve.”

The company, which had delayed salaries for the month of January, finally paid its employees over the weekend.

“I know you were told you will get your salaries before Monday. Many of you have written to me saying you wouldn’t mind waiting even longer because you already know what I’m going through. But you didn’t even have to wait until Monday,” Raveendran he wrote to employees in an email seen by IANS.

“I’ve been moving mountains to collect paychecks for months, and this time, the fight was even greater to make sure you get what you deserve. Everyone has made sacrifices, everyone has struggled with decisions they never wanted to make, and everyone is doing it. a little tired in this battle, but no one has chosen to give up,” he wrote.

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Facing a severe cash crunch, Byju’s US unit Alpha has filed for Chapter 11 bankruptcy proceedings in US court in Delaware, listing liabilities of between $1 billion and $10 billion.

Meanwhile, Byju’s has reportedly suspended its three-year contract with football icon Lionel Messi as its global brand ambassador.

Raveendran said in his latest email that when “we have self-respect, we have enough. I’m not implying that these challenges haven’t shaken me. Businessmen are supposed to be stoic and steadfast.”

“To be clear, this fight is only against a few vested interests who were trying to sabotage the company by impeding the rights issue. Nothing has galvanized our team more than their effort to destabilize our company,” said the founder of the company

“The world regularly reads about my daily struggles. But one day I will tell you about my monthly miracles. Over time, I believe that a hidden miracle accompanies every struggle; you have to keep moving forward,” he added.

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Think & Learn Private Ltd, the parent of Byju’s, has said it will go ahead with the proposed $200 million rights issue after receiving encouraging responses from several investors.

— IANS

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