Byju's initiates salary payments for march amid investor dispute

Edtech giant Think and Learn, parent company of Byju's, has started disbursement of March salaries to its employees after a nine-day delay, with payout process expected to conclude within next 10 days, sources revealed.

In a communication dressed to its workforce, Byju's attributed delay in salary payments to actions of a group of four investors. company expressed regret over situation and assured employees that it h arranged alternative funding sources to ensure timely payments.

delay comes in wake of Byju's raising $200 million through a rights issue, with aim of fulfilling operational requirements, including meeting salary expenses.

group of investors in question, namely Prosus, General Atlantic, Sofina, and Peak XV, alongside support from or shareholders such as Tiger and Owl Ventures, have reportedly taken legal action by approaching National Company Law Tribunal (NCLT). This move has led to delays in accessing rights issue funds, resulting in disruption of salary payments.

Byju's emphasized its appreciation for patience and understanding demonstrated by its employees during this challenging period.

(With PTI inputs)