After the delay in releasing salaries for the month of January, edtech company Byju’s paid the salaries to its employees on Sunday, February 4. In a letter to the employees, the CEO of the company, Byju Raveendran, announced that the salaries have been paid one day prior before the company had promised to disburse payments.
According to a letter addressed to the employees, Raveendran claimed that he has been “moving mountains” to pay all the employees. He said, “I know you were told that you will get your salaries by Monday. You did not have to wait even till Monday. And this time, the struggle was even bigger to ensure that you receive what you rightfully deserve.” According to a report by Moneycontrol, the payroll expenses of Byju’s was close to Rs 70 crore.
On February 2, the company’s senior management said that the delay in paying salaries was due to an “artificially induced criss by select investors” and that the employees will be paid by February 5.
After the company’s investors launched a campaign to overthrow its leadership, Byju’s in a media statement also said that its shareholder agreement does not allow for investors to vote for a change in the CEO or management.