Edtech company Byju’s.The company aims to make quality education accessible and engaging for students through innovative technology and personalized learning experiences is now facing a liquidity crisis. The company has managed to pay the full salary for April month, according to the two different sources in February and March, The Company only paid the full payment to lowest-grade Employees and teaching staff while the others were not paid wholly.
Over the last two years, the company has laid off more than 10,000 employees due to financial and business difficulties. The company is asking for some relief from the court to use the $200 million rights issue to pay outstanding salaries previously the company asked the National Company Law Tribunal (NCLT) for permission to use money and the court will hear the case on June 6, 2024.
source-business today
