Byju's Founder Pledges Homes To Raise Funds; Pays November Salaries To 1,000 Employees
According to reports, nearly 1000 Byju employees breathed a sigh of relief when they received their pending November month salaries on 4 December. The company is currently experiencing difficulties on multiple fronts. Byju's India subsidiary currently employs approximately 14,000 people.
According to Moneycontrol, Byju's previously stated that the issue was caused by a technical glitch while uploading details from the company system to the payroll service provider system.
In the most recent development, founder Byju Raveendran is said to have pledged his own home as well as those of his family members in order to raise funds to pay staff salaries. According to Bloomberg, these homes worth Rs 100 crore were used as collateral for a $12 million loan that will be used to pay the salaries of 15,000 employees at Byju's parent company Think & Learn Pvt.
According to Bloomberg, the former billionaire's family's two Bengaluru homes and his under-construction villa in Epsilon — a posh gated community in the city — were offered as collateral to borrow $12 million.
