Byjus CEO Secures Private Debt to Cover Employee Salaries Amid Financial Strain

Byjus CEO Secures Private Debt to Cover Employee Salaries Amid Financial Strain/Bloomberg

VoM News Desk | April 23, 2024 | 03:37 PM IST | Breaking News | Follow on Google News

Byjus CEO Secures Private Debt to Cover Employee Salaries Amid Financial Strain

Byjus CEO Secures Private Debt to Cover Employee Salaries Amid Financial Strain

Byju Raveendran, CEO of Byju’s, reportedly secured around ₹30 crore in private debt to cover March salaries amidst financial challenges faced by the edtech giant. While senior staff received partial payments, lower-ranking employees were paid in full for March, following partial salaries for February.

The delay in payments is attributed to locked funds from a recent rights issue due to an investor dispute. Byju’s, with approximately 15,000 employees, has a total salary expenditure of ₹40-50 crore.

Source: Mint

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