Byju’s co-founder Raveendran wrote a letter to its staff addressing salary transfers

“I know you were told that you will get your salaries by Monday… But you did not have to wait even till Monday. I have been moving mountains for months to make payroll, and this time, the struggle was even bigger to ensure that you receive what you rightfully deserve,” Raveendran stated in a written letter to its employees on Sunday.

In FY22, its total expenses came to ₹13,668 crore. Through a rights offering, the business hopes to raise $200 million from investors at a valuation of $200–225 million, which is roughly 99% less than its peak valuation of $22 billion.

Byju’s has been firing workers while repeatedly postponing the complete and final payout of those workers. According to reports, the corporation started a reduction effort in October to cut between 3,000 and 3,500 employees.

“I am not implying that these challenges have not shaken me. Entrepreneurs are supposed to be stoic and steadfast. They indeed have an irrational capacity to suffer and the ability to eventually prevail over all that pain. But they, too, laugh, cry, work, weep and bleed the same way as any other person navigating the joys and complexities of life. They, too, hope and worry about what tomorrow might bring. They, too, hug their kids when they get scared,” he penned down.

A proposal for an extraordinary general meeting was made by a few of the company’s investors last week, including General Atlantic, Prosus Ventures, Peak XV, and the Chan Zuckerberg Initiative. The proposal asked for a change in the company’s leadership, including the dismissal of Raveendran. They also demanded that the board of the business be reconstituted.

“Nothing has galvanized our team more than their effort to destabilize our company,” he said.

“The world reads regularly about my daily struggles. But I will someday tell you about my monthly miracles. Over time, I believe that a hidden miracle accompanies every struggle; one has to keep moving forward,” Raveendran added in the letter.

“During good times and bad, it comes down to people. It always comes down to people,” he wrapped up.