Byjus employees salaries

I have been moving mountains for months to make payroll, and this time, the struggle was even bigger to ensure that you receive what you rightfully deserve," Raveendran said in a letter to employees on Sunday. The company reportedly undertook an exercise to reduce its workforce by 3, byjus employees salaries, in October.

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Byjus employees salaries

Byju's management, in a letter to employees, accused the shareholders for a "slight delay in salary disbursements this month because of the artificially induced crisis by these select investors. We must address an unfortunate development. Certain investors, seeing the crisis we faced, saw it as an opportunity to conspire and demand the stepping down of our founder as the group CEO of BYJU'S. We are pained to see this action from a few of the investors who should have supported us in our fight at these challenging times, instead of directly speaking to media. This process will take 25 more days to complete. It will ensure we have enough growth capital, and also to meet all operational liabilities," said the letter. This claim was made amidst a backdrop of various challenges faced by the company, including allegations of financial mismanagement and calls for a change in leadership. The company's financial troubles came to light following a notice from a group of investors calling for an Extraordinary General Meeting EGM to discuss a potential change in Byju's management and board, citing ongoing issues within the company. The situation at Byju's had reached a point where the company's founder and CEO, Byju Raveendran, was personally ensuring the payment of salaries, even going so far as to pledge his only home to secure the financial stability of his employees. The management subsequently provided assurance that salaries would be disbursed in stages, commencing from February 2 and concluding on February 5. The management stated, "Byju sir has consistently taken personal responsibility for our salaries, even going to the extent of pledging his only home to ensure our financial security. This month is no exception. The management expressed their distress over the situation in the email to employees, emphasizing that the successful completion of the rights issue would mark the beginning of Byju's recovery phase. They estimated that the process would take an additional 25 days to complete, which would then enable the company to meet all operational liabilities and support growth capital. This financial strain comes amidst reports of high salaries within the company, with the highest-paying job being that of a Vice President Engineering, earning Rs

The company's financial troubles came to light following a notice from a group of investors calling for an Extraordinary General Meeting EGM to discuss a byjus employees salaries change in Byju's management and board, citing ongoing issues within the company. Customer Stories.

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Published By: Namit Singh Sengar. New Delhi, India. Byju Raveendran File photo. In a letter to staff, Raveendran said the rights issue, launched a month ago, has been successfully closed. After all, we now have funds to meet our short-term needs and clear our liabilities. In the letter — seen by PTI — Raveendran said the company is still striving to ensure that salaries are paid by March Earlier this week, a company law court had asked the embattled edtech firm to consider extending the closing date of the USD million rights issue, a request that the management had hinted it would not accept even as estranged investors flagged technicalities that prevented the closure of the issue on Wednesday.

Byjus employees salaries

Edtech company Byju's, which is grappling with liquidity issues, told its employees in an email that the disbursement of employee salaries for January would be delayed. Despite the edtech company's assurance in December that salaries would be credited on the first day of each month, there has been a delay in the disbursement. Also read: 'Needed to fill gaps in internal systems The postponement of salary disbursement occurred shortly after the request from investors for an extraordinary general meeting EGM to address resolutions concerning governance, financial mismanagement, and compliance matters.

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Catch all the Corporate news and Updates on Live Mint. Browse all solutions. Raveendran wrote about it in the letter saying this fight is only against a few vested interests who were trying to sabotage the company by impeding the rights issue. And for user submitted data, we only display those that are agreed upon by multiple sources mentioned above! Price a Job for Free. You are just one step away from creating your watchlist! Browse by Locations. Senior Software Engineer - Test framework dev Mint Premium View Less -. Career Advice. What's this?