Think and Learn launched salaries for the month of January for its employees, with the company’s founder and CEO, Raveendran Byju, reaching out to staff for their help in the course of the agency’s difficult section, in accordance to sources.
The company’s founders and relations had earlier pledged their home to pay worker salaries as the agency continues to face a liquidity crunch.
“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. Everybody has made sacrifices, everybody has grappled with decisions they never desired to make, and everybody is a little bit weary in this battle, but nobody has chosen to give up,” Byju mentioned in a letter to staff on Sunday.
The edtech main floated a rights problem to increase USD 200 million at a 99 p.c decrease valuation than its peak valuation of USD 22 billion in March 2022.
“Nothing matters to me more than your belief in my ability to deliver. I fight for you. You fight alongside me. This is the sacred relationship that has helped me weather every storm,” Byju mentioned.
“My father is my role model; I am a teacher because he once was; I am an entrepreneur because he always taught me to follow my dreams. That he, my rock-solid support, was moved to tears made me feel a sudden pain,” he added.
Byju’s cleared all its dues for present staff a day earlier than the dedicated timeline. Byju mentioned on Friday that the company is lower than 1 / 4 away from reaching operational profitability.
“Yes, we still have old liabilities to settle and short-term growth to secure. The success of this rights issue will ensure that we adequately address these challenges,” he mentioned.
(With PTI inputs)
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