In a relief to Byju's employees, the crisis-hit edtech major began paying pending salaries for March on Monday.
The payout process, which was delayed due to an ongoing liquidity crunch in the company, is likely to be completed by April 18, said reports.
In a email to the staff, Byju's stated that it will be able to pay salaries on time through an alternate line of credits, according to The Economic Times.
“We are pleased to inform you that salary disbursement has commenced today and will be completed over the next 10 days. However, we have arranged an alternative line of credit to ensure timely payments. We sincerely appreciate your patience and understanding throughout this period," the email stated, as cited by the daily.
Byju's is yet to get nod to access proceeds from its rights issue funds after the National Company Law Tribunal (NCLT) ordered the firm to keep the money in an escrow account, which led to delay in salary payouts.
The tribunal order came after four of Byju's investors -- Prosus NV, Peak XV Partners, General Atlantic and Sofina SA -- filed a petition challenging the edtech firm's move to raise $200 million at a post-money valuation of $225 million.
The next hearing on the case is on April 23.
