'Moving mountains to make payroll': Byju's founder writes letter to employees
Edtech giant Byju's parent firm Think and Learn Pvt Ltd. recently paid the January salaries to its staff amid financial challenges, following which founder Byju Raveendran wrote an emotional letter to employees.
Byju reached out to employees, expressing gratitude for their support during tough times. Earlier, the company's founders and family pledged their house to cover employee salaries due to a liquidity crunch.
"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," wrote Byju Raveendran.
"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," added Raveendran.
Byju's initiated a rights issue to raise $200 million at a significantly lower valuation compared to its peak valuation in March 2022.
Byju reassured employees of his commitment, saying, "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," Raveendran said.
He shared a poignant moment when his father, a role model, was moved to tears after negative news about the company.
"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.
The company successfully cleared all dues for existing employees ahead of the committed timeline. Byju Raveendran communicated that the company is close to achieving operational profitability in a letter sent on Friday.
"Yes, we still have old liabilities to settle and short-term growth to secure.The success of this rights issue will ensure that we adequately address these challenges," he said.
