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Byju Raveendran raised debt to pay March salaries

Economic Times · 11m

Edtech firm Think and Learn, owner of Byju's, has credited partial salaries to its employees for the month of March. Founder and CEO Byju Raveendran raised personal debt to cover the expenses. The salary payouts range from 50-100% of employees' salaries, with teachers and lower-level staff receiving 100%. Byju's had recently raised $200 million through a rights issue, which is being disputed by foreign investors. The company is currently facing legal complications, with a hearing scheduled for April 23. Paying salaries through debt is not a sustainable solution, according to sources.