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The company’s founders had to mortgage their house to raise a loan to pay salaries to employees last year. A source said, “The salary for the month of May for Byju’s employees has been raised and will be paid today. This is important for Byju’s, because the salary has been paid from the company’s business earnings this month.”
New Delhi. Education technology company Byju’s has arranged for the salary of its employees for the month of May from the business earnings of the month. Sources associated with the company gave this information on Monday. Last year, the founders of the company had to mortgage their house to raise a loan to pay the salaries of the employees. A source said, “The salary for the month of May has been raised for the employees of Byju’s and it will be paid today. This is important for Byju’s, because the salary has been paid from the company’s business earnings this month. ”
The company had raised various loans last month to meet salary expenses as it was unable to use the $200 million it raised through a rights issue in February. A consortium of four investors Prosus, General Atlantic, Sofina and Peak XV, supported by other shareholders including Tiger and Owl Ventures, have moved the National Company Law Tribunal (NCLT) against the company management and the rights issue. The case is scheduled to be heard on June 6 before the Bengaluru bench of the NCLT.
Disclaimer: CricketInFocus has not edited this news. This news has been published from PTI-language feed.
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