'Moving mountains for months...' Byju's founder writes letter to employees; Here's what he wrote
By Team Asianet Newsable | First Published Feb 5, 2024, 12:09 PM ISTByju's recently released the salary for January to its staff, following which founder Byju Raveendran wrote an emotional letter highlighting the ongoing challenges at the edtech firm.
In the midst of financial difficulties, Edtech behemoth Byju's parent company Think and Learn Pvt Ltd. just paid its employees' January pay. In response, founder Byju Raveendran wrote an emotional letter to staff members.
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.
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"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. "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.
In order to raise $200 million at a far lower valuation than its peak price in March 2022, Byju's launched a rights offering. Byju reassured employees of his commitment, saying, "Nothing matters to me more than your belief in my ability to deliver."
He shared a poignant moment when his father, a role model, was moved to tears after negative news about the company. He also thanked his employees who did not give up and continued working for the company despite the hardships.
The business successfully paid off all outstanding debts for current workers before the scheduled deadline. In a letter written on Friday, Byju Raveendran stated that the business is getting near to operational profitability.
Founded in 2011, the company is facing lawsuits from lenders and allegations of Foreign Exchange Management Act (FEMA) violations, which has led to an acute financial crisis in the company that was once valued at $22 billion.
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