'I fight for you. You fight alongside me': Distressed Byju's CEO's email to employees on salary delay revealed
In a heartfelt letter addressed to the dedicated workforce, Raveendran Byju acknowledged the collective sacrifices made by employees and their unwavering support during the company's challenging phase.
FollowAmidst a tumultuous period marked by financial challenges and investor scrutiny, Byju's, a prominent player in the edtech industry, recently faced a critical juncture as it navigated through salary payment hurdles. Founder and CEO Raveendran Byju's heartfelt communication to the company's employees shed light on the arduous journey of ensuring timely salaries amidst adversity.
In a heartfelt letter addressed to the dedicated workforce, Raveendran Byju acknowledged the collective sacrifices made by employees and their unwavering support during the company's challenging phase. He expressed gratitude for their patience and resilience, highlighting the monumental efforts undertaken to secure the January 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. 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," Byju said in a letter to employees on Sunday (February 4).
According to reports, the company has settled all outstanding payments owed to its current employees one day ahead of the previously announced deadline.
"Nothing matters to me more than your belief in my ability to deliver. I fight for you. You fight alongside me. This is the sacred relationship that has helped me weather every storm," Byju said in the letter.
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Byju's has initiated a rights issue to raise $200 million, marking a valuation over 99 percent lower than its peak valuation of USD 22 billion in March 2022. In a communication to employees via email on Friday, the management attributed the delay in January salary payments to an "artificially induced crisis" orchestrated by a specific group of investors.
"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 the media,” the note said.
In his letter to employees, Byju conveyed that the company is on the brink of achieving operational profitability, with less than a quarter remaining to reach this milestone.
"Yes, we still have old liabilities to settle and short-term growth to secure. The success of this rights issue will ensure that we adequately address these challenges," he had said.
The initial communication to employees followed a day after a group of investors issued a notice calling for an extraordinary general meeting of Think & Learn Pvt Ltd shareholders, the parent company of Byju’s.
