It also accused “certain investors” of conspiring against the company. The note comes a day after six investors in Think and Learn Private Limited, which operates Byju’s brand, called for an extraordinary general meeting to address issues at the edtech major and oust founders from having control over the firm.
Elevate Your Tech Prowess with High-Value Skill Courses
| Offering College | Course | Website |
|---|---|---|
| IIM Lucknow | IIML Executive Programme in FinTech, Banking & Applied Risk Management | Visit |
| Indian School of Business | ISB Professional Certificate in Product Management | Visit |
| IIM Kozhikode | IIMK Advanced Data Science For Managers | Visit |
In a bit to pacify employees who have not received salaries for January, Byju’s said, “there is a slight delay in salary disbursements this month because of the artificially induced crisis by these select investors.”
“Our salaries, let us reassure you, will be paid in a phased manner starting today and will be completed by Monday,” it added.
Read the full text of Byju’s leadership email to employees:
This is the collective voice of the entire leadership team of Byju’s. We want to share two critical developments in the organization.
Let us start with some positive news that gives us great confidence in the future of Byju’s. As you know, we have launched a rights issue to get an investment of $200 million from our existing investors. In three short days, since we launched our rights issue, we have already received commitments for more than 100 percent of the proposed amount. This process will take 25 more days to complete.
Discover the stories of your interest
It will ensure we have enough growth capital, and also to meet all operational liabilities. This will mark the beginning of the final phase of our recovery. It is a testament to our steadfast determination as a team that stood tall against heavy odds. Indeed, we all stood like a rock behind our founder and played big and small parts in scripting this remarkable turnaround story.
However, amidst this remarkable achievement, we must address an unfortunate development. 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 media. The founders are the largest investors and the greatest fighters for Byju’s.
Over the past months, we have together weathered storms that few companies have ever faced. When investors hesitated to step up during harsh macroeconomic conditions, the founders personally invested over 1 billion dollars in capital to keep our dream alive.
The success of the rights issue will ensure that we have sufficient operational capital to fund our short-term needs from March onwards. However, there is a slight delay in salary disbursements this month because of the artificially induced crisis by these select investors.
As many of you know, Byju sir has personally shouldered the responsibility of paying our salaries over the past several months, including pledging his only home to ensure our financial security. This month is no different. Our salaries, let us reassure you, will be paid in a phased manner starting today and will be completed by Monday.
We are now less than a quarter away from achieving operational profitability. 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. All we need to do is fight with our leader. We have written to all the shareholders in Byju’s to express our steadfast commitment. Please find that letter attached to this mail.
In the face of negativity and doubt, we request you to ignore the noise and focus on what you do best.
Stand tall, deliver exceptional work, and let our actions speak louder than any words of doubt. A wise person once said, “The struggle you are in today is developing the strength you need for tomorrow’s success.”
We all stand by Byju’s, with Byju sir.
It also accused “certain investors” of conspiring against the company. The note comes a day after six investors in Think and Learn Private Limited, which operates Byju’s brand, called for an extraordinary general meeting to address issues at the edtech major and oust founders from having control over the firm.
Elevate Your Tech Prowess with High-Value Skill Courses
| Offering College | Course | Website |
|---|---|---|
| IIM Lucknow | IIML Executive Programme in FinTech, Banking & Applied Risk Management | Visit |
| Indian School of Business | ISB Professional Certificate in Product Management | Visit |
| IIM Kozhikode | IIMK Advanced Data Science For Managers | Visit |
In a bit to pacify employees who have not received salaries for January, Byju’s said, “there is a slight delay in salary disbursements this month because of the artificially induced crisis by these select investors.”
“Our salaries, let us reassure you, will be paid in a phased manner starting today and will be completed by Monday,” it added.
Read the full text of Byju’s leadership email to employees:
This is the collective voice of the entire leadership team of Byju’s. We want to share two critical developments in the organization.
Let us start with some positive news that gives us great confidence in the future of Byju’s. As you know, we have launched a rights issue to get an investment of $200 million from our existing investors. In three short days, since we launched our rights issue, we have already received commitments for more than 100 percent of the proposed amount. This process will take 25 more days to complete.
Discover the stories of your interest
It will ensure we have enough growth capital, and also to meet all operational liabilities. This will mark the beginning of the final phase of our recovery. It is a testament to our steadfast determination as a team that stood tall against heavy odds. Indeed, we all stood like a rock behind our founder and played big and small parts in scripting this remarkable turnaround story.
However, amidst this remarkable achievement, we must address an unfortunate development. 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 media. The founders are the largest investors and the greatest fighters for Byju’s.
Over the past months, we have together weathered storms that few companies have ever faced. When investors hesitated to step up during harsh macroeconomic conditions, the founders personally invested over 1 billion dollars in capital to keep our dream alive.
The success of the rights issue will ensure that we have sufficient operational capital to fund our short-term needs from March onwards. However, there is a slight delay in salary disbursements this month because of the artificially induced crisis by these select investors.
As many of you know, Byju sir has personally shouldered the responsibility of paying our salaries over the past several months, including pledging his only home to ensure our financial security. This month is no different. Our salaries, let us reassure you, will be paid in a phased manner starting today and will be completed by Monday.
We are now less than a quarter away from achieving operational profitability. 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. All we need to do is fight with our leader. We have written to all the shareholders in Byju’s to express our steadfast commitment. Please find that letter attached to this mail.
In the face of negativity and doubt, we request you to ignore the noise and focus on what you do best.
Stand tall, deliver exceptional work, and let our actions speak louder than any words of doubt. A wise person once said, “The struggle you are in today is developing the strength you need for tomorrow’s success.”
We all stand by Byju’s, with Byju sir.