Byju Raveendran, CEO and co-founder of Byju’s has assured employees that unpaid salaries for the past three months will eventually be credited. However, he admitted that payments would not be made “immediately.” Addressing concerns on LinkedIn, Raveendran acknowledged his absence, apologised to employees, and refuted allegations of financial mismanagement.
Unpaid salaries
Amid the ongoing financial turmoil, employees voiced their concerns about pending salaries and Provident Fund (PF) dues. Hyderabad-based employee Kaushik Lade questioned Raveendran’s leadership, reminding him of the workforce’s struggles. “We hear your passion, but passion doesn’t pay our bills,” Lade wrote, emphasising the financial hardships employees face.
In response, Raveendran reassured employees that he was committed to resolving the crisis. “Bills will be paid, comeback will be made, dues will be cleared. Not immediately, but eventually. I am not fighting for just myself. Till then, you have to rely on my words. Till then, you have my word,” he wrote.
Allegations against lenders and consultants
Raveendran also called for an investigation into alleged collusion and fraud by Byju’s lender Glas Trust, consultancy firm EY, and former resolution professional Pankaj Srivastava. He claimed these parties played a role in the company’s downfall.
Byju Raveendran’s journey began as a small-town teacher in Kerala before launching Byju’s in 2011. The platform thrived during the COVID-19 pandemic, becoming India’s most valuable edtech firm. However, by 2023, delays in salary payments, aggressive sales tactics, and regulatory scrutiny led to a decline in investor confidence.