Byju Raveendran takes loan to pay March salaries

New Delhi: Think and Learn, the company that operates edtech firm Byju’s, has paid partial salaries to its employees for the month of March. Sources gave this information. Sources said that Byju Raveendran, founder and chief executive officer (CEO) of Think and Learn, a company going through financial crisis, has taken the loan in his personal capacity to pay the March salaries of the employees.

It is estimated that between Rs 25-30 crore will be spent on partial salary payment. Salaries were deposited in the employees’ accounts on Saturday, April 20.

“Ravindnan took a personal loan to pay his salary this month,” a source said. This is because the rights issue money is still being held back by foreign investors. Teachers and the lowest paid employees have been paid 100 percent, the source said.

Byju has been facing continuous financial challenges since last year. During this period, many of its investors have also parted ways and the rights issue issued by the company has also come under question.