Crisis-hit Byju's said on Sunday that it has disbursed a part of the pending February salaries for all employees, said reports.
The cash-strapped ed-tech major has assured the staff that the balance amount will be paid once the company is allowed to used funds from the rights issue that was closed recently, reported MoneyControl.
“We processed part salaries for everyone for February late night on Friday to the extent of capital we could get outside the rights issue. The company will pay the balance once the rights issue funds are available, which we expect shortly," Byju's stated in a letter to employees.
Byju's management said the salaries are expected to reflect in the accounts of its employees by Monday due to bank holidays since Friday.
“In the interim, we have made alternate funding arrangements to ensure your daily lives are not disrupted. Our commitment to serving our students with the passion and dedication they deserve remains as strong as ever, and we are taking all necessary measures to continue our operations smoothly,” added the company in the letter.
