Byju's founder Byju Raveendran: 'Saw my father breaking down after seeing the news'

Byju Raveendran said, 'Entrepreneurs are supposed to be stoic and steadfast.'

Byju's founder and CEO Byju Raveendran recently shared an emotional account of the struggles he has been going through at a time when the ed-tech company -- once India's most-valued startup-- has been under fire for a liquidity crunch, accounting irregularities, scrutiny from government bodies, alleged mis-selling of courses and mass layoffs, among others.

In a letter to employees announcing that all pending salaries for January have been credited, the edtech boss said that the news of the company's recent battles moved his father to tears.

"Two days ago, I saw my father, the most resilient person I know, breaking down after seeing the news," Byju Raveendran wrote. "My father is my role model; I am a teacher because he once was; I am an entrepreneur because he always taught me to follow my dreams. That he, my rock-solid support, was moved to tears made me feel a sudden pain."

He added that although the company has been facing multiple challenges, he intends to be steadfast. “I am not implying that these challenges have not shaken me," Raveendran said in the letter. "Entrepreneurs are supposed to be stoic and steadfast. They indeed have an irrational capacity to suffer and the ability to eventually prevail over all that pain.”

He added that he had to "move mountains" to ensure that the employees were paid on time. The company's monthly payroll expenses are close to Rs 70 crore, sources told Moneycontrol. Reports have suggested that Raveendran pledged his home as well as those owned by his family members to raise money to pay employees amid the cash crunch.

“I know you were told that you will get your salaries by Monday. You did not have to wait even till Monday. I have been moving mountains for months to make payroll, and this time, the struggle was even bigger to ensure that you receive what you rightfully deserve,” said Raveendran.

Recently, Byju's announced it was trying to raise funds through a rights issue at a post-money valuation of $225 million. The valuation is 99 percent lower than the company's last funding round which valued the firm at $22 billion, sources said.

Read more: Byju's pays January salaries; founder Raveendran says moving mountains to make payroll