Byjus Crisis | Byju’s crisis is not ending! Founder wrote a letter to employees, asked for support in difficult times

Edtech giant Byju’s parent firm Think & Learn Pvt Ltd recently paid January salaries to its employees amid financial challenges, following which founder Byju Raveendran wrote an emotional letter to employees. Byju’s reached out to employees expressing gratitude for their support during the difficult times. Earlier, the company’s founders and family had mortgaged their house to cover employee salaries due to the liquidity crisis.

Byju Raveendran wrote, “I have been moving mountains for months for payroll and this time, the struggle was even bigger to ensure that you get what you deserve.” Raveendran said, “Everyone has made sacrifices, everyone has had to grapple with decisions they never wanted to make, and everyone is a little tired in this fight, but no one has given up.”

Byju launches rights issue to raise $200 million in March 2022 at valuations significantly lower than its peak valuation. Byju reassured employees of his commitment, saying, “Nothing means more to me than your confidence in my ability to do my job.”

Raveendran said, “I fight for you. You fight with me. It is that sacred relationship that has helped me weather every storm.” He shared a touching moment when his idol father started crying after negative news about the company. He said “My father is my role model; I am a teacher because he once was. I am an entrepreneur because he taught me to always follow my dreams. He, my rocky support, broke down in tears and I suddenly felt pain. Happened.”

The company successfully paid all the dues of the existing employees before the stipulated deadline. Byju Raveendran said in a letter sent on Friday that the company is close to achieving operating profitability. “Yes, we still have to service old liabilities and achieve short-term growth. The success of this rights issue will ensure that we adequately address these challenges,” he said.