Embattled edtech company Byju’s has commenced salary payments after a two-month delay, despite being prohibited from using funds from a recently launched rights issue.
“We are pleased to inform you that salary disbursement has commenced today and will be completed over the next 10 days,” said Byju’s management, in an email to employees on April 8.
In the email, the company explained that despite their efforts, they have not yet obtained approval to access the funds from the rights issue due to actions taken by four of its investors.
“However, we have arranged an alternative line of credit to ensure timely payments. We sincerely appreciate your patience and understanding throughout this period,” they added.
Story to be updated soon