Byju’s faces crisis: Salary payments delayed, US division files for bankruptcy

Byju’s logo displayed on a phone screen and a laptop keyboard are seen in this illustration photo taken in Poland on November 30, 2022. (Photo by Jakub Porzycki/NurPhoto via Getty Images)

New Delhi: Byju’s, the embattled edtech company, has allegedly postponed the payment of salaries to its employees for January as it endeavors to raise funds through a rights issue. Previously, the company had set February 1 as the date for disbursing January salaries to its employees, but this has been postponed without any official communication, sources claim. In December, the company had assured its employees that salaries would be credited on the first day of each month. The company has not yet provided a statement regarding the delay in salary payments. This development was initially reported by MoneyControl. The delay in salary payments coincides with Byju’s Alpha unit in the US filing for Chapter 11 bankruptcy protection in the US Court of Delaware, indicating liabilities ranging from $1 billion to $10 billion.

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