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BYJU’S Arranges Line Of Credit To Pay March Salaries

BYJU’S Arranges Line Of Credit To Pay March Salaries

Edtech startup BYJU'S has started disbursing salaries for March, after a delay caused by a cash crunch. The startup blamed "foreign investors" for hindering access to funds from its $200m rights issue. BYJU’S is currently in a legal battle with certain investors who are seeking to block the rights issue and remove founder and CEO Byju Raveendran. The National Company Law Tribunal has barred the company from accessing the rights issue proceeds. BYJU'S also mentioned in an internal email that it had arranged an alternative line of credit to ensure timely payments.

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Byju’s arranges for alternative credit, begins March salary payouts

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