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Byju Raveendran vows to pay staff salaries once he regains control over accounts
Economic Times
·
11m ago
Medial
Byju's founder, Byju Raveendran, assured employees in an email that their salaries would be paid promptly once he gains control of the company's accounts, even if it means taking on more debt. Byju's has faced financial troubles after a settlement deal with the Board of Control for Cricket in India (BCCI) was contested by lenders. The Supreme Court has temporarily stayed the settlement agreement, preventing the founders from infusing more capital into the company. Byju's is hopeful for a turnaround and plans to launch Byju's 3.0, an AI-driven educational platform.
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Byju's insolvency case fans fears of employees
Economic Times
·
11m ago
Medial
The insolvency of Indian edtech company Byju's has prompted thousands of panicked employees to seek recoveries and protect their careers. Once valued at $22 billion, Byju's popularity soared during the pandemic but it is now engaged in a dispute with US lenders seeking $1 billion in unpaid dues. Employees are considering protests and lawsuits after months without pay, while the company has warned of a total shutdown. Byju's founder, Byju Raveendran, has assured staff that salaries will be paid promptly once control is regained, but the future remains uncertain with potential asset liquidation.
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'Passion doesn't pay bills,' says ex-BYJU'S employee on unpaid salary; CEO replies
Inshorts
·
5m ago
Medial
A former BYJU'S employee tagged CEO Byju Raveendran on social media and wrote, "Passion doesn't pay our bills...We've been left stranded without salaries for 3 months. Our PF remains unpaid." He added, "Words inspire, but actions matter." Byju Raveendran responded, "Bills will be paid, comeback will be made, dues will be cleared. Not immediately, but eventually."
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BYJU’S On The Verge Of A Turnaround, Investors Ready To Back The Company: Byju Raveendran
Inc42
·
11m ago
Medial
BYJU'S CEO, Byju Raveendran, has sent an email to employees stating that the company is poised to reverse a downward business cycle and introduce BYJU'S 3.0. Raveendran also mentioned that the founders have invested around INR 7,500 Cr in the company over the last 29 months. However, he acknowledged that the company's failure to pay employee salaries for July 2024 was due to issues with lenders.
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Byju’s founder pledges homes to raise funds for staff salaries
Livemint
·
1y ago
Medial
Byju Raveendran, the founder of Indian edtech giant Byju's, has pledged his home and his family's homes as collateral to raise $12 million and pay salaries to the company's employees amidst a cash crunch. The move comes as Byju's is selling its US-based kids' digital reading platform and facing a legal battle over missed loan payments. Raveendran, who was once worth nearly $5 billion, has also raised personal debts of around $400 million, leaving him cash-strapped. Byju's recently reported narrowed losses and concluded an investigation into its overseas fundraising.
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Byju Raveendran Borrows Funds To Make Small Payment To BYJU’S Teachers
Inc42
·
10m ago
Medial
The founder of edtech startup BYJU'S, Byju Raveendran, has informed teachers that he has secured funds to make a small payment to them and expressed confidence in winning a court case against US-based lenders Glas Trust. Raveendran acknowledged that teachers have not been paid for the past three months but assured them of receiving more than their fair share once he regains control of the company.
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Byju Raveendran moves Karnataka HC against insolvency order, withdraws it to pursue NCLAT appeal
Money Control
·
1y ago
Medial
Byju Raveendran has moved the Karnataka High Court to challenge the order that admitted Byju's parent company, Think and Learn, to insolvency. However, he later withdrew the plea after the court refused to entertain it. Raveendran will now pursue a regular appeal before the National Company Law Appellate Tribunal (NCLAT). The NCLT admitted Think and Learn to the insolvency resolution process based on a plea by the Board of Control for Cricket in India (BCCI) over the non-payment of Rs 158 crore. Founder Byju Raveendran has lost immediate control of the company, with an interim resolution professional appointed to run its operations.
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BYJU'S CEO Raveendran has personal debts of ₹3,335 crore
BQ Prime
·
1y ago
Medial
BYJU'S CEO Byju Raveendran has raised debts of about $400 million (over ₹3,335 crore) on a personal level, pledging all his shares in the edtech startup's parent company, Bloomberg reported. He has also re-invested $800 million raised by him through share sales in recent years, the report added. Raveendran, who was once worth $5 billion, is no longer a billionaire.
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Byju Raveendran raised debt to pay March salaries
Economic Times
·
1y ago
Medial
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.
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Byju’s to delay salaries amid dispute with investors, says Raveendran
Thehindubusinessline
·
1y ago
Medial
Edtech firm Byju's has closed a $200m rights issue but has told its employees it will be unable to pay their salaries for February. In a letter, CEO Byju Raveendran blamed a small number of investors who have reportedly prevented funds raised in the rights issue from being used. The company is striving to pay salaries by 10 March. Separately, Byju's has been asked by India's National Company Law Tribunal to consider extending the rights issue and place the proceeds in a separate account, following a suit brought by four investors.
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Is Byju's Making a Comeback? Raveendran’s Vow Sparks Debate
OutlookIndia
·
4m ago
Medial
Byju's, once a prominent star in India's startup scene, faces financial challenges and legal disputes over $1 billion in unpaid debts in the US and India. Founder Byju Raveendran vows to revive the company, promising to rehire former employees. Despite accusations of exploiting education and financial misconduct, Raveendran expresses optimism about a comeback. He alleges collusion between lenders and an interim resolution professional, urging investigations to uncover the truth behind the company's distress.
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