Byju’s company’s bad days, money is not to give salary to staff, mortgaged house
The country’s largest Edtech platform Bayjs does not have a salary to give to its employees and the company has such an economic crisis that Between the cash crisis, the founder of Bijus, Ravindran, has pledged to his house.
According to the information received in the media report, the salary of Bijus employees is stuck and the cash crisis in the company is increasing. Between the delay in getting the salary to the staff, Ravindran, the founder of Bijus, has raised money by mortgaging his house in Bengaluru, Karnataka, from which the employees will be given salary. Let us know that this company has been in economic crisis for a long time and the company’s legal battle is also going on with the lending institutions.
Mortgaged house for $ 12 million
Information has been revealed that in Bangalore, two houses owned by Bayju Ravinandran and their under construction villas have pledged to borrow $ 12 million. The amount received from this has been used by Edtech company to pay salary to 15,000 employees in Parent Company Think and Learn Private. However, no comment has been made by the Bio -Management in this regard.
Why Bayju Founder took this decision
Let me tell you that this startup has a loan of about $ 800 million and recently the byjus had failed to pay interest of $ 1.5 billion term loan, which has also faced a legal battle. While the valuation of the biozs has been affected due to the ongoing turmoil and cash crisis in the company, the salary crisis has deepened in front of the employees, by Buju Founder Ravindran has taken a big decision to reduce it.
FEMA’s new trouble on bye
FEMA also has a new trouble on the bye -stricken bye in the economic crisis. Recently, ED investigation revealed that the company has received a foreign direct investment of about Rs 28,000 crore in the time of 2011 to 2023. At the same time, the company has sent about Rs 9,754 crore abroad in the name of foreign direct investment during the same period. A search and seizure campaign was also conducted in many premises of the company regarding this. The ED had started an investigation against the Byzus based on the complaints being received against the company. In its investigation, the Directorate found that the company did not prepare its financial data from FY2020-21 and did not audit the accounts, which is mandatory. According to the ED, the reality of data provided by the company is also being investigated by banks. During the investigation, several summons were also issued to the company Founder Byju Ravindran.
