Byju Employees: In Byju, this month the salary of the employees has been distributed on time. Byju Ravindran had taken a loan of about Rs 30 crore to pay last month’s salary.
Byju Employees: This month, there is a good news for the employees of Byju, the edtech company stuck in crisis. The company has distributed salaries on time after about 4 months. However, the company has now implemented a new fund for salary. In this, the salary of the sales staff has been linked to their earnings. At present there are about 12 thousand employees in Byju. Of these, about 4000 people work in the sales department.
Byju Ravindran took a loan of Rs 30 crore to distribute salary.
Last month, Byju’s founder Byju Raveendran had taken a loan of about Rs 30 crore to distribute the March salary. The company, which was stuck in cash crunch, was not able to pay the salaries of its employees on time for several months. Last month, Byju had also laid off many employees.
Sales staff will get money every week according to the revenue.
According to the report of Business Standard, Byju management has implemented a new policy for sales staff. According to this, the company will now pay the sales staff within a week. This amount will depend on the revenue generated by them in a week. Some percentage of the revenue will be given to them every week. The company has implemented this policy on April 24. At present it has been implemented till May 21.
Rights issue money stuck due to dispute with investors
Actually, Byju had recently tried to arrange funds by issuing rights. But, due to the ongoing legal dispute with the investors, this money is lying in a separate account. The company cannot use this money. According to sources, the company has to distribute around Rs 40 to 50 crore as salary every month.
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