New Delhi: Edtech firm Think & Learn, owner of Byju's brand, has paid partial salaries of employees for the month of March, according to sources.
Byju Raveendran, founder and CEO of Think & Learn, has taken the loan in his personal capacity to pay employees' salaries for March.
Byju's salary expense for the partial payment is estimated to be between Rs 25-30 crore.
Salaries were deposited in the employees' accounts on Saturday, April 20.
According to the source, the amount paid is between 50-100 percent of the salary.
"Byju's has raised more personal loans to pay salaries this month. While the rights issue money is still blocked by foreign investors," a source said.
“Teachers and those at the bottom of the pyramid have been paid 100 percent,” the source said.
The company had raised USD 200 million through a rights issue to meet its operational requirements including expenses related to employee salaries.
A group of four investors – Prosus, General Atlantic, Sofina and Peak . Shareholding pattern in the company.
The matter is scheduled to be heard before the court on April 23.
"Paying salaries through loans is not a sustainable model. The situation will become more complicated after the court goes on vacation," a source said.
Byju Raveendran, founder and CEO of Think & Learn, has taken the loan in his personal capacity to pay employees' salaries for March.
Byju's salary expense for the partial payment is estimated to be between Rs 25-30 crore.
Salaries were deposited in the employees' accounts on Saturday, April 20.
According to the source, the amount paid is between 50-100 percent of the salary.
"Byju's has raised more personal loans to pay salaries this month. While the rights issue money is still blocked by foreign investors," a source said.
“Teachers and those at the bottom of the pyramid have been paid 100 percent,” the source said.
The company had raised USD 200 million through a rights issue to meet its operational requirements including expenses related to employee salaries.
A group of four investors – Prosus, General Atlantic, Sofina and Peak . Shareholding pattern in the company.
The matter is scheduled to be heard before the court on April 23.
"Paying salaries through loans is not a sustainable model. The situation will become more complicated after the court goes on vacation," a source said.
