Byju’s parent company, Think and Learn Pvt Ltd., faced financial challenges but managed to pay January salaries to its staff. Founder Byju Raveendran expressed gratitude to employees in an emotional letter, acknowledging their sacrifices and efforts during tough times. The company’s founders and family had previously pledged their house to cover salaries amid a liquidity crunch.
Raveendran revealed the ongoing struggle to meet payroll obligations, stating, “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.” Despite challenges, he praised the team’s resilience and determination, emphasizing the collective commitment to weathering difficulties together.
Byju’s initiated a rights issue to raise $200 million, accepting a lower valuation compared to its peak in March 2022. Raveendran reassured employees of his unwavering commitment, expressing their belief in his ability to deliver matters the most. He described the sacred relationship between himself and the team, acknowledging their joint effort in facing challenges.
Raveendran shared a personal moment when negative news about the company moved his father, a role model, to tears. Reflecting on this, he expressed the profound impact the situation had on him and highlighted his father’s supportive role in his journey.
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Despite past challenges, the company successfully cleared dues for existing employees ahead of schedule. Raveendran communicated the company’s proximity to achieving operational profitability and outlined the ongoing efforts to settle old liabilities and secure short-term growth. He expressed optimism that the success of the rights issue would address these challenges adequately.
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