BENGALURU: Edtech firm Byju’s has released the full salary to 25% of employees in the lower pay scale while it has made partial payment to the rest of the workforce.
In a letter to employees, Byju’s said, “We processed your salary for February late night on Friday. However, due to yesterday being a second Saturday and on account of the long weekend, we expect the salaries to be reflected in your accounts on Monday.
We sincerely apologise for any inconvenience caused by this delay and are grateful for your understanding.” It added, “As you know, a group of investors has blocked the funds raised through the rights issue, rendering them temporarily unavailable for our business purposes.
This situation has created an immediate financial constraint for the company. However, we assure you that we are actively working to resolve this matter and restore normalcy.” Also, many employees received a letter saying that the firm has made partial payment to them.