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Byju Raveendran borrows funds 'against all odds', promises 'small payment' to teachers
“I owe you an apology. You have given your best, yet we have not been able to compensate you for your work. This is not right, and for that, I am truly sorry,” Raveendran said.
A prior bankruptcy court ruling had found that multiple fraudulent transfers and theft had occurred.
Byju Raveendran, co-founder of embattled edtech firm Byju's, has informed teachers that he has "managed to borrow some funds" and assured them they would receive a small payment as part of their salary.
On September 21, in an email to teachers, Raveendran acknowledged the delays in salary payments and issued an apology for the financial strain on employees and staff of the troubled edtech firm.
“I owe you an apology. You have given your best, yet we have not been able to compensate you for your work. This is not right, and for that, I am truly sorry,” Raveendran said.
"As a small token of appreciation, I have managed, against all odds, to borrow some funds. It won’t be much, but each one of you will receive a small payment by this weekend."
The once-celebrated firm's employees have been battling months of financial uncertainty after Byju's downward spiral began. Moneycntrol reported, while part-salary payments were claimed to have been made for April and May, the company is yet to disburse full payments for previous months, including February and March, leaving many educators in a difficult position.
A similar email that was sent in August, Raveendran had promised to clear July's salary, but payment delays have continued as the company navigates an insolvency process and major legal hurdles with US-based lenders staking claims on its India assets.
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