‘I Am Truly Sorry’: Byju Raveendran Tells Employees, Promises To Come Back Stronger

Addressing the staff in a letter, the founder said he has managed to secure some funds at the moment and he will be paying all employees some part of it as a token of appreciation of their dedication

Byju’s was valued at $22 billion in 2022, however, has seen a major downfall since owing to several regulatory issues and conflicts with investors.

Source : Byju's

Indian edtech start-up Byju’s founder, Byju Raveendran, apologised to the firm’s employees for being unable to compensate them for their work. Addressing the staff in a letter, the executive said he has managed to secure some funds at the moment and he will be paying all employees some part of it as a token of appreciation of their dedication.

“It won’t be much, but each one of you will receive a small payment by this weekend. This is not nearly what you deserve, but it is what I can offer right now. And I promise you this — the day we regain control of our company, you will get more than your fair share,” Raveendran said in the letter. He further requested the employees to continue working and teaching in the firm, reported Business Standard.

Notably, Byju’s was valued at $22 billion in 2022, however has seen a major downfall since owing to several regulatory issues and conflicts with investors. This has acted as a trigger for the insolvency process for the company.

“I speak to you today, not as the founder of Byju’s, but as one of you — a teacher. I know what it feels like to stand in front of a class, day after day, even when the going gets tough. And these past three months, I know, you have been doing exactly that,” the founder wrote in an attempt to appeal to the employees. ABP Live couldn’t independently access the letter.

Raveendran informed his staff that the firm is trying to navigate an insolvency process and has challenged it in court. “I owe you an apology. You have given your best, yet we have not been able to compensate you for your work. This is not right, and for that, I am truly sorry. The past three months have been a perfect storm of legal battles, financial uncertainties, and challenges none of us ever expected. But through it all, you have stood strong. You have upheld the highest calling of a teacher — to educate, to inspire, and to guide,” the letter read.

“I know that, together, we will come out of this stronger than before. We cannot stop. We cannot even slow down. Because we have millions of students depending on us. They are the reason we keep going. They are the reason we fight these battles. And they are the reason we will win,” the founder said promising to come back stronger.