Edtech major BYJU'S founder Byju Raveendran compared the current crisis that his company is facing to war and said a true entrepreneur is a war leader.
According to media reports, Raveendran addressed top leadership of his company saying, "A true entrepreneur is a war leader. What Byju’s is going through can only be seen as a war on multiple fronts against all odds."
“We have won many battles, but we have to win some more. As your commander, I hope with all my heart, that you will now rise and fight alongside me,” he was quoted as saying, reported Business Standard.
He assured them that the company will be back to “the heights where it belongs," within a few months.
Raveendran has recently raised money by mortgaging home and real estate assets owned by family members for paying salaries.
"There is about Rs 50 crore gap per month in operational expenses where a large component is salary. Promoters have pledged shares, home, and some other real estate assets of family members to bridge the gap," PTI quoted a source as saying.
"Promoters are also in the process of raising debt of Rs 600-700 crore to help operations till March. By March, the situation will ease with the sale of Epic and partial stake sale in some other subsidiaries," the source added.
Another source said the company has called an annual general meeting on December 20 where the assets that have been pledged by the promoters will be brought to the notice of the company's board.