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Edtech sector startup company Byju's is facing an unprecedented crisis these days. The mountain of troubles of the company struggling with debt crisis is continuously increasing. The company has liabilities of thousands of crores of rupees. The insolvency process has already started against the company. Meanwhile, the company's founder Byju Ravindran has apologized to the employees.
Byju Ravindran addressed the employees of his company and the teachers associated with him and said that he wants to apologize to all of them. Ravindran said that the company was not able to pay the employees for their work, due to which they (employees) had to face problems. That is why he wants to apologize to all the employees.
Raising money in difficult circumstances
Along with apologizing, Ravindran also tried to reassure all the employees of the company. He said that despite all the circumstances going against him, he has been successful in raising some money. The employees will soon get their payment. However, the employees will not get their full dues right now. Ravindran has told the employees that their troubles will soon come to an end.
Assurance of payment by the weekend
Byju Ravindran said- It (payment) will not be much, but each one of you will get some payment by this weekend. It is not even close to what you deserve, but right now I cannot give more than this. I promise you, the day the control of the company comes back to us, you will get more than your fair share. He said that the teachers who stand with the company and students in difficult times will be recognized. He told the teachers of the company not to stop teaching the students. He is making this appeal not as a founder but as a fellow teacher.
More than Rs 300 crore outstanding
The company undergoing insolvency process owes its employees more than Rs 300 crore. The claim amount of dues of current and former employees of Byju's parent company Think and Learn under the insolvency process has crossed Rs 300 crore. About 1,800 employees have together submitted a claim of Rs 301 crore. Many senior executives have made claims of more than Rs 50 crore on the company. On the other hand, claims from mid-level employees have come in the range of Rs 10 to 30 crore.
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