India Flash Bulletin
Buisness

“Moving mountains to make payroll”: The founder of Byju addresses staff in a letter

<p>In the midst of financial difficulties, Edtech behemoth Byju’s parent company Think and Learn Pvt Ltd. just paid its workers’ January pay. In response, founder Byju Raveendran addressed a heartfelt message to staff members.</p>
<p><img decoding=”async” class=”alignnone wp-image-386449″ src=”https://www.theindiaprint.com/wp-content/uploads/2024/02/theindiaprint.com-moving-mountains-to-make-payroll-the-founder-of-byju-addresses-staff-in-a-letter-b.jpg” alt=”theindiaprint.com moving mountains to make payroll the founder of byju addresses staff in a letter b” width=”1072″ height=”603″ title=”"Moving mountains to make payroll": The founder of Byju addresses staff in a letter 12″ srcset=”https://www.theindiaprint.com/wp-content/uploads/2024/02/theindiaprint.com-moving-mountains-to-make-payroll-the-founder-of-byju-addresses-staff-in-a-letter-b.jpg 690w, https://www.theindiaprint.com/wp-content/uploads/2024/02/theindiaprint.com-moving-mountains-to-make-payroll-the-founder-of-byju-addresses-staff-in-a-letter-b-390×220.jpg 390w, https://www.theindiaprint.com/wp-content/uploads/2024/02/theindiaprint.com-moving-mountains-to-make-payroll-the-founder-of-byju-addresses-staff-in-a-letter-b-150×84.jpg 150w” sizes=”(max-width: 1072px) 100vw, 1072px” /></p>
<p>Byju made contact with staff members to thank them for their assistance during difficult circumstances. A previous cash constraint forced the company’s founders and family to offer their home as security for staff wages.</p>
<p>“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,” Byju Raveendran said in a letter.</p>
<p>“Everybody has made sacrifices, everybody has grappled with decisions they never desired to make, and everybody is a little bit weary in this battle, but nobody has chosen to give up,” Raveendran said.</p>
<p>In order to raise $200 million at a far lower value than its peak price in March 2022, Byju’s launched a rights offering.</p>
<p>Declaring, “Nothing matters to me more than your belief in my ability to deliver,” Byju assured staff members of his dedication.</p>
<p>“I stand up for you. You fight beside me. I have been able to weather every storm because of this precious friendship,” Raveendran said.</p>
<p>He related a touching story about how bad news regarding the firm brought his father, who serves as an inspiration, to tears.</p>
<p>“My father serves as a great example for me. He encouraged me to constantly pursue my aspirations, which is why I am an entrepreneur and a teacher today. I felt a sharp anguish that my rock-solid supporter, him, was crying,” he added.</p>
<p>The business successfully paid off all outstanding debts for current workers before the scheduled deadline. In a letter written on Friday, Byju Raveendran said that the business is getting near to operational profitability.</p>
<p>Yes, we still need to pay off past debts and ensure short-term development.We will effectively solve these issues if this rights issue is successful,” he said.</p>

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