New Delhi: Indian ed-tech start-up, Byju’s has reportedly paid salaries to its employees for the month of March. This comes after the financially strained company announced that it would pay a portion of salaries for both February and March.
Due to the ongoing financial challenges of Byju, there has been a rise in layoffs. In the most recent round between 100 to 500 people from the tech company have been affected. They have been carrying out these layoffs via phone calls and without any notice period. (Also Read: RBI Directs Payment Companies To Report Suspicious Transactions Ahead Of Lok Sabha Elections)
According to a report by Moneycontrol citing sources, the edtech company has cleared partial dues to employees for March. The report quoted a source saying, “Initially, when they started processing (salaries), they paid full salaries to two teams - IRT (issue resolution team) and BTC (Byju’s Tuition Centres). After that no one received (any salary) and recently (on April 20) the remaining people received half of the salaries.” (Also Read: TCS Introduces 60% Office Attendance For Variable Pay Eligibility)
The global ed-tech company will have to face a hearing at the National Company Law Tribunal (NCLT) on Tuesday. The hearing will be regarding the oppression and mismanagement plea which has been submitted by four investors of the firm. These investors are Prosus NV, Peak XV Partners, General Atlantic, and Sofina SA.
The plea filed by the investors opposed the company’s decision to raise 200 million dollars at a valuation of 225 million dollars which is 99 percent lower than the 22 billion dollars valuation the tech firm received in its previous funding.
In reference to the March salary, the source said MoneyControl, “The company has made salary payments in the range of 100 to 50 percent to all employees. Teachers and lower-salary staff have been paid in full, and the rest have received at least 50 percent of their dues for March.”
