Shareholders approved rights issue to tackle cash crunch: Byju's
New Delhi: Embattled edtech company Byju’s on Sunday announced that it has disbursed a portion of the pending salaries for over 20,000 employees for the month of February.
The company has also promised to pay the remaining balance, once it is allowed to use the funds from the recently closed rights issue.
"We processed part salaries for everyone for February, late night on Friday to the extent of capital we could get outside the rights issue. The company will pay the balance once the rights issue funds are available, which we expect shortly," the company said in a letter to employees.
"In the interim, we have made alternate funding arrangements to ensure your daily lives are not disrupted," it added. The company paid the lower base employees fully, and mid-to-senior workers paid in part.
