Amidst financial hurdles, Byju Raveendran, founder of leading edtech firm Byju’s, pledged personal properties totaling $12 million to cover staff salaries for approximately 15,000 employees within Think & Learn Private Limited. The move comes as the company grapples with a cash crunch, compounded by a legal dispute over a $1.2 billion term loan interest payment.
Raveendran has committed his family’s Bengaluru residences and an under-construction villa as collateral, augmenting previous actions of pledging all shares in the parent company and repaying $800 million from share sales, leaving him cash-strapped. Byju’s, which faced layoffs last year and earlier this year, has also deferred joining dates for incoming employees, citing ongoing financial challenges.
Despite recent scrutiny by the Enforcement Directorate related to alleged forex violations, Byju’s refutes claims tying it to FEMA. This commitment reflects Raveendran’s dedication to staff welfare amid trying times for the company.
