BYJU’s Financial Crisis: Founder Byju Ravindran Reportedly Mortgages Own House to Pay Employees
BYJU’s News: Things are not going well in the ed-tech platform BYJU’s, India’s largest education platform. The firm is continuously suffering from increasing financial crisis at a large scale. The company is not even able to pay salaries to its employees, and now according to a report, the company’s founder Byju Ravindran has mortgaged his own house to pay salaries to the teachers and other staff.
Worth Rs 100 Cr House Mortgaged
According to reports, BYJU employees' salaries have been halted and the company's financial situation is worsening. Considering the delay in paying employees, Byju Ravindran has raised funds by mortgaging his Bengaluru house from which the salaries will be paid. According to the report, Byju Ravindran owns two houses in Bengaluru and an under-construction villa in Epsilon, which he has mortgaged to borrow $12 million (roughly Rs 100 crore). The edtech company used the money it received from this to pay the salaries of 15,000 workers at its parent company, Think and Learn Pvt. The company has not issued any official statement yet.
