New Delhi, In a surprising development, Byju’s, the Bengaluru-based edtech giant, has postponed the November salaries for approximately 1000 employees. The company has assured that the pending payments will be credited by Monday, attributing the delay to an “unexpected technical glitch.”
In a statement to The Economic Times, the English-language business daily that first reported the story, Byju’s clarified, “We have noticed a delay in processing salaries for some limited employees due to an unexpected technical glitch. The issue is being rectified, and the payment will be processed by Monday.”
The delay reportedly affects employees across different levels within the organization. Notably, this includes those under Think & Learn, Byju’s parent company, while staff at Aakash Institute, a subsidiary specializing in test preparation, remain unaffected.
One impacted employee expressed concern over the situation, stating, “We are in tension now as the equated monthly installments (EMI) need to be paid off among other monthly expenditures. What if our salaries do not come by the fourth (November) as well.”
Byju’s, excluding subsidiaries like Aakash, boasts a workforce of around 14,000 employees in the country. The company typically follows a salary cycle resetting on the first of each month.
The delay in salaries coincides with a November 29 report highlighting certain conditions set by top investors for infusing fresh capital into Byju’s. These conditions include presenting audited FY23 results and reducing co-founder and CEO Raveendran’s control in day-to-day operations, among others. The report indicated that Byju’s requires a capital injection of at least $120 million to $130 million.
