“Byju’s Faces Salary Delay for 1000 Employees Due to Technical Glitch”
Byju’s, the prominent Bengaluru-based edtech company, encountered an unexpected hurdle as it grappled with a delay in disbursing November salaries to approximately 1000 employees. The delay, attributed to an unforeseen technical glitch, prompted the firm to assure employees of rectifying the issue and ensuring payments by Monday.
Byju’s, the prominent Bengaluru-based edtech company, encountered an unexpected hurdle as it grappled with a delay in disbursing November salaries to approximately 1000 employees. The delay, attributed to an unforeseen technical glitch, prompted the firm to assure employees of rectifying the issue and ensuring payments by Monday.
In a statement to The Economic Times, Byju’s acknowledged the salary processing delay, citing an unforeseen technical snag that affected a limited number of employees. The company assured that efforts were underway to resolve the issue, with payments slated to be processed by the upcoming Monday.
The impact of the delay spanned across various staff levels within Think & Learn, the parent organization of Byju’s, as reported by ET. Notably, employees from the startup’s subsidiary, Aakash Institute, were reportedly unaffected by this delay.
The unforeseen setback left affected employees concerned about their financial commitments, including equated monthly installments (EMIs) and routine expenses. Expressing apprehension about the extended delay potentially affecting subsequent financial obligations, one impacted employee described the situation as uncertain and worrisome.
Byju’s, known for resetting salaries on the first day of every month, employs around 14,000 individuals across its operations in the country. This delay in salary disbursement arrives amidst reports highlighting certain conditions proposed by top investors for the infusion of fresh capital into the edtech giant. These conditions encompass requirements such as the presentation of audited fiscal year 2023 results and a potential reduction in co-founder and CEO Byju Raveendran’s operational control, among other stipulations.
The company reportedly seeks an injection of capital ranging between $120 million to $130 million, as indicated in an ET report dated November 29.
As Byju’s navigates this temporary setback, its commitment to resolving the salary delay aligns with ongoing negotiations with investors and the broader focus on sustaining its growth trajectory amidst the evolving landscape of the edtech sector.
Sources By Agencies
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