‘Unexpected technical glitch’, says Byju's as November salaries of 1000 employees delayed
In a statement, the Bengaluru-based edtech firm said the delayed salaries will be credited by Monday.
Byju's has delayed November salaries for around 1000 employees, with the company planning to credit the pending payments by Monday.
The edtch firm, in a statement, attributed the delay to an ‘unexpected technical glitch.’
“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 statement, made to The Economic Times, the English-language business daily which broke the story, said.
Who all are impacted?
The delay is across staff levels, the ET report said, adding that those impacted are housed under Think & Learn, the parent organisation of Byju's. The staffers at the startup's test preparation subsidiary, Aakash Institute, however, are not included, it further stated.
“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,” one of the impacted employees, who described the situation as ‘unpredictable,’ was quoted as saying.
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Excluding staffers at subsidiaries like Aakash, Byju's employs about 14,000 people in the country.
What is Byju's salary cycle?
The Byju Raveendran and Divya Gokulnath-founded company resets salaries on the first of each month.
In a November 29 report, ET had noted how top investors in the education firm have put forth certain conditions to infuse fresh capital into the startup. The conditions include presenting the audited FY23 results, easing of control from co-founder and CEO Raveendran in day-to-day operations, among others.
Byju's needs a capital of at least $120 million to $130 million, that report had stated.