Byju's unable to pay salaries as funds locked: Founder Raveendran

Amidst the ongoing financial crisis in Byju's, company CEO Byju Raveendran on Saturday said that the edtech firm will not be able to pay the salaries of its employees.

Mr Raveendran informed the news to his staffers in an email, wherein he also lashed out at a group of investors for moving a resolution to lock the company's funds in a separate account.

The letter by Mr Raveendran read, “….I regret to inform you that we will still be unable to process your salaries…..Unfortunately, a select few (4 out of our 150+ investors) have stooped to a heartless level, ensuring that we are unable to utilise the funds raised to pay your hard-earned salaries.”