Think and Learn released salaries for the month of January for its staff, with the company's founder and CEO, Raveendran Byju, reaching out to employees for their support during the firm's challenging phase, according to sources.
The company's founders and family members had earlier pledged their house to pay employee salaries as the firm continues to face a liquidity crunch.
"I have been moving mountains for months to make payroll, and this time, the struggle was even bigger to ensure that you receive what you rightfully deserve. Everybody has made sacrifices, everybody has grappled with decisions they never desired to make, and everybody is a little bit weary in this battle, but nobody has chosen to give up," Byju said in a letter to employees on Sunday.
The edtech major floated a rights issue to raise USD 200 million at a 99 percent lower valuation than its peak valuation of USD 22 billion in March 2022.
"Nothing matters to me more than your belief in my ability to deliver. I fight for you. You fight alongside me. This is the sacred relationship that has helped me weather every storm," Byju said.
"My father is my role model; I am a teacher because he once was; I am an entrepreneur because he always taught me to follow my dreams. That he, my rock-solid support, was moved to tears made me feel a sudden pain," he added.
Byju's cleared all its dues for existing employees a day before the committed timeline. Byju said on Friday that the company is less than a quarter away from achieving operational profitability.
"Yes, we still have old liabilities to settle and short-term growth to secure. The success of this rights issue will ensure that we adequately address these challenges," he said.
(With PTI inputs)
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