Byju Raveendran Pledges Family Homes To Raise Funds For Salaries Of 15,000 Employees: Report

A Bloomberg report has said that Byju Raveendran has taken the personal loan of about Rs 100 crore against his home to pay the salary.

New Delhi: Byju Raveendran, founder of Byju's, personally pledged his home and properties owned by his family to support his workforce. 

A Bloomberg report has said that Raveendran in his effort to secure funds for employee salaries, has taken the personal loan against his home. These include two family houses and an under-construction villa in Bengaluru, serving as collateral for a crucial $12 million (Rs 100.07 crore) loan.

A total of 15,000 employees of Think and Learn Private, the parent firm of ed-tech platform are to get their salaries from the fund raised by Raveendran amid a cash crunch.

"The startup used the funds to pay salaries to 15,000 employees in Byju’s parent firm, Think & Learn Pvt Ltd," the Bloomberg report added.

In an earlier statement, the company had said it was working to resolve the issue and pay the remaining employees. "We have noticed a delay in processing salary for some limited employees (less than 5 per cent) due to an unexpected technical glitch. The issue is being rectified over the weekend and payment will be processed by Monday," news agency IANS, quoting a Byju’s spokesperson  said.

The salary delay for about 1,000 employees appears to have affected people across levels. However, employees affiliated with Akash Institute have not been impacted.