NEW DELHI: Embattled edtech platform Byju’s lastly began disbursing salaries to its hundreds of staff for the month of March after arranging another line of credit score.
In a letter to staff seen by IANS, the corporate mentioned the wage disbursement has commenced and will likely be accomplished over the following 10 days.
“Sadly, regardless of our efforts, we haven’t but secured approval to entry the rights difficulty funds, due to the motion of 4 international buyers,” the communication learn.
Nevertheless, it has now organized another line of credit score to make sure “well timed funds.”
“We sincerely admire your endurance and understanding all through this era”, the corporate informed the employees.
Stories surfaced final week that the edtech firm has begun to put off staff amid a extreme money crunch, because it enters the “remaining levels of a enterprise restructuring train.”
“We’re within the remaining levels of a enterprise restructuring train introduced in October 2023 to simplify working constructions, cut back the fee base, and higher money stream administration,” based on Byju’s, which struggles with restricted funding amid authorized battles with buyers and different stakeholders.
Byju’s needed to delay salaries for hundreds of its staff for the second successive month, because it faces restrictions over the utilization of the funds raised by means of the rights difficulty.
