Monday, April 22, 2024

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HomeBusinessByju’s delays salaries for second mth

Byju’s delays salaries for second mth

Mumbai: Troubled

edtech startup

Byju’s is struggling to make

salary disbursements

to its employees amid a severe

cash crunch

. The company, which failed to make disbursement of full salaries for Feb to most of its employees, has also not been able to pay March salaries to its staff on time.
The move by a few select investors to disable the company from using the funds raised through the rights issue has delayed the payment of salaries, the company’s management said in a letter to employees on Monday.

“… we are following a parallel line of credit to ensure that you receive your salary by the 8th of April,” the firm said.

We also published the following articles recently

Byju’s delays employees’ salary amid legal battle with foreign investors
Byjus delays salaries for 2nd month citing investor order, anticipates resolution. Employees work remotely, EGM faces investor opposition. Byju Raveendran seeks cooperation for positive outcome amid financial challenges.

NCLT refuses to stay Byjus EGM on rights issue
NCLT denies Byjus’ EGM stay, facing cash crunch. Delayed salaries in escrow, opposed by Prosus. Enforcement Directorate investigates, Raveendran CEO removal. Next hearing April 4.