Byju's pays delayed November salaries to 1,000 employees

Currently, nearly 14,000 employees are on the payroll of Byju's' India entity.

In a major relief to Byju's employees awaiting November salaries, the company credited pending payments to 1,000 employees, on December 4, sources told Moneycontrol.

This comes at a time when the company is batting troubles on multiple fronts. Currently, nearly 14,000 employees are on the payroll of Byju's' India entity.

Byju's had earlier said that a technical glitch while uploading details from the company system to the payroll service provider system caused the issue, which has now been resolved.

Byju's did not comment at the time of publishing this story.

The company has also come under fire recently for delaying full and final settlements of laid-off employees yet again. The Bengaluru-based company had earlier shifted the date of payment from September to November.

Byju's story so far

This development follows fresh troubles for Byju's as the Board of Control for Cricket in India (BCCI) dragged the edtech firm to the National Company Law Tribunal.

Byju's recently overcame a longstanding issue with Davidson Kempner, linked with covenants on it's subsidiary Aakash. Earlier in November, Manipal Group chairman Ranjan Pai bought out the debt investment by the US Hedge Fund, in a Rs 1,400-crore deal, Moneycontrol reported.

Meanwhile in September, Byju's also submitted a proposal to its lenders, in which the company expressed its intention to fully repay its $1.2 billion term loan B within the upcoming six months. Byju's aims to achieve this by making an initial payment of $300 million within the next three months.

As part of its efforts to secure the necessary funds for loan repayment, the company has also decided to undertake a strategic review of its key assets.

For this, Byju’s has put upskilling platform Great Learning and book reading platform Epic, up for sale, which would yield the company about $1 billion, Moneycontrol reported.

Byju’s, founded over a decade back by former teacher Raveendran, had soared to new heights in March 2022 after it raised a massive $800 million funding round, at a $22 billion valuation, becoming India’s most-valued startup.

But the company has come under fire since then for a host of issues including delayed financial results, the resignation of its auditor, Deloitte, and three key board members–Peak XV Partners (Sequoia Capital India)’s GV Ravishankar, Prosus’ Russel Dreisenstock and Chan Zuckerberg Initiative’s Vivian Wu.

The company has seen a series of top-level exits including its CEO Mrinal Mohit, CFO Ajay Goel and CTO Anil Goel, among others, who were later replaced.