Ed-Tech firm Byju's has disbursed January salaries to its staff. Reports had earlier indicated that the release of salaries had been delayed due to an escalating liquidity crisis.
While releasing the January salaries, Founder Byju Raveendran also personally reached out to employees, urging their support during the company's ongoing difficult phase.
"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. Everybody has made sacrifices, everybody has grappled with decisions they never desired to make, and everybody is a little bit weary in this battle, but nobody has chosen to give up," Byju said in a letter to employees on Sunday.
"Nothing matters to me more than your belief in my ability to deliver. I fight for you. You fight alongside me. This is the sacred relationship that has helped me weather every storm," Byju said.
"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 said.
According to a Moneycontrol report, the company's monthly payroll costs approximately ₹70 crore. Once hailed as India's most-valued startup, BYJU's has been facing a lot of financial challenges and has launched a rights issue to tackle its liquidity crunch.