Highlights

  • Byju's delays salaries for January
  • Ed-tech leaves its employees in financial uncertainty
  • Byju's has been grappling with challenges since 2022

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Byju's crisis: Ed tech firm delays salaries for January

This payroll setback comes on the heels of investors calling for an extraordinary general meeting to address concerns related to governance and compliance issues within the company including seeking an ouster of founder BYJU Raveendran

Byju's crisis: Ed tech firm delays salaries for January

Amidst an escalating liquidity crisis, edtech company Byju's has reportedly failed to disburse salaries for the month of January, leaving employees in financial uncertainty.

According to a money control report, the ed-tech firm delaying salaries contradicts previous assurances given by Byju's in December, promising timely salary deposits on the first day of each month.

This payroll setback comes on the heels of investors calling for an extraordinary general meeting to address concerns related to governance, financial mismanagement, and compliance issues within the company including seeking an ouster of founder BYJU Raveendran.

Also read/watch - Byju's crisis deepens: Shareholders group demands EGM, want Byju Raveendran's removal from board

Once regarded as India's most-valued startup, Byju's has been grappling with a series of challenges since the beginning of 2022, including allegations of accounting irregularities, purported mis-selling of courses, and significant workforce reductions.

Not only this, key investors of the edtech firm such as Prosus, Peak XV, Sofina, Lightspeed, and General Atlantic have raised concerns about the company's stability.

A shareholders group has called for an Extraordinary General Meeting (EGM) and plan to vote for the removal of Byju Raveendran and the board. This move comes after the launch of Byju's rights issue.

"We are deeply concerned about the future stability of the Company under its current leadership and with the current constitution of the Board".


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