BYJU'S delays salaries of employees for November

Edtech giant BYJU'S is facing yet another setback, with a portion of its employees reportedly not receiving their November salaries due to an "unexpected technical glitch" in the company's payroll system. This delay affects employees across all staff levels, including mid-level managers and senior executives, and primarily those housed under Think & Learn, the parent organization of BYJU'S.

The affected employees are understandably concerned about the delay, as it has caused significant financial strain and inconvenience. With monthly expenses, including EMIs, piling up, the delay in salary payments has added to their worries.

The news of salary delays comes amidst reports of prominent investors proposing specific criteria for injecting more funds into BYJU'S. These conditions include providing audited FY23 earnings and relinquishing control of day-to-day operations from co-founder and CEO Raveendran. This suggests that investors are closely monitoring BYJU'S financial situation and are seeking greater control over the company's operations.

BYJU'S is also facing insolvency proceedings initiated by the Board of Control for Cricket in India (BCCI) over non-payment of sponsorship dues. This further adds to the company's financial troubles, which have already been marked by large-scale layoffs, a steep decline in valuation, and mounting operating losses.

The company's valuation, which once reached a peak of $22 billion in 2021, has reportedly dropped to below $3 billion, reflecting the severe financial challenges it is facing.

BYJU'S needs to address these issues promptly to regain the trust of its investors, employees, and partners. The company's future remains uncertain as it navigates through this period of significant financial turmoil.