Byju's CEO announces salary payment delay due to investors blocking funding after a rights issue.

Byju's CEO Raveendran has stated that the company can't pay employees' salaries due to investors blocking funding after a rights issue was launched. The edtech company, which raised $200 million to meet short-term needs and clear liabilities, now faces a salary payment delay due to investors moving a resolution to lock the funds. The situation is expected to be resolved by March 10th when the company aims to make the payments.

March 02, 2024
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