Edtech giant Think and Learn, led by Founder and CEO Raveendran Byju, successfully disbursed January salaries to its staff amid the company’s challenging phase. Byju personally reached out to employees, seeking their support during a liquidity crunch, and went to the extent of pledging personal assets, including his house, to ensure timely salary payments.
In a heartfelt letter to employees on Sunday, Byju acknowledged the substantial efforts involved in processing payrolls, emphasizing the collective sacrifices and tough decisions made by the entire team. Despite weariness in the ongoing battle, he commended everyone for their perseverance, underscoring the commitment to weathering every storm together.
The company faced financial strain, prompting BYJU’s founders and family members to pledge their house as collateral to meet salary obligations. Byju’s father’s emotional reaction to negative news about the company deeply affected him, as his father serves as a role model and a source of unwavering support.
Byju shared his sentiments, stating, “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.”
Despite the challenges, the company prioritized its employees, ensuring all dues were cleared a day ahead of the committed timeline. Byju’s communication to employees on Friday highlighted the company’s progress toward operational profitability, being less than a quarter away. He acknowledged the remaining liabilities and the need for short-term growth but expressed confidence in addressing these challenges through a recently initiated rights issue.
The rights issue, seeking to raise USD 200 million at a significantly lower valuation than the company’s peak in March 2022, is pivotal for addressing the financial hurdles and securing future growth. Byju reassured employees of his dedication to their well-being, emphasizing the enduring partnership between him and the team in navigating difficulties and achieving success.
Also read: BYJU’s seeks to raise Rs 700 Cr debt, pledges shares, real estate for funding