In an email sent to BYJU’S employees, Raveendran said the company is on the brink of reversing the negative business cycle that began two years ago and ready to launch BYJU’S 3.0
The founder and CEO also claimed that the founders infused approximately INR 7,500 Cr in the company for various operational needs over the past 29 months
Raveendran said that BYJU’S failed to clear the salaries of the employees for the month of July 2024 and once again blamed its lenders for it
Troubled edtech giant BYJU’S
founder and CEO Byju Raveendran has claimed that the company is on the verge of a turnaround and investors are ready to back the firm in its journey.
In an over 1,200-word long email addressed to employees, Raveendran said that the company is on the brink of reversing the negative business cycle that began two years ago and ready to launch BYJU’S 3.0 – “an AI-driven, hyper-personalised educational platform low on cost and high on impact”.
Inc42 has accessed the email sent by Raveendran.
He said that the company has failed to clear the salaries of the employees for the month of July 2024 and once again blamed its lenders for it.
It is pertinent to note that the edtech firm has delayed salary payments for existing as well as former employees many times over the last year or so, with the founder attributing the delays to the legal proceedings initiated by BYJU’S lenders against it.
The CEO said that the founders, which includes his brother Riju Raveendran and wife Divya Gokulnath, are committed to paying the salaries of the employees once the company regains access to its accounts.
Raveendran claimed that the founders infused INR 7,500 Cr in BYJU’S parent Think & Learn Pvt Ltd (TLPL) over the last couple of years.
“Over the past 29 months, TLPL’s only source of capital was the founders. Founders together have infused approximately INR 7,500 Cr in the company for various operational needs,” he claimed.
He said that the ongoing insolvency proceedings have rendered the founders of the company unable to put in their personal capital to finance the company’s operations.
“I guarantee this: When we regain control, your salaries will be paid promptly, even if that means raising more personal debt. We have investors ready to back our turnaround story. They see what I see – enormous potential and inevitable growth,” the mail said.
(This is a developing story.)
