Edtech major Byju’s is yet to process the salaries of its employees for the month of February as the amount raised through the rights issue is currently locked in a separate account “at the behest” of some key investors, its founder and CEO Byju Raveendran has told employees.

In a letter to the staff, accessed by

IANS, Raveendran said that the rights issue (which is about $250-$300 million) has been successfully closed. “However, I regret to inform you that we will still be unable to process your salaries. Last month, we faced challenges due to a lack of capital, and now we are experiencing a delay despite having funds,” he told more than 20,000 employees.
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