Byju Raveendran tries to allay staff concerns

Byju's was working to resolve the bondholder crisis at the earliest, he said 

- Sneha Shah & Devina Sengupta

Byju Raveendran, the founder of edtech major Byju's, on Thursday allayed employee fears by projecting a positive outlook. At a town hall meeting organized by the Bengaluru-based firm, Raveendran reassured the employees that the company had amicably ended its associations with Deloitte as well as its board members, and was working diligently to resolve the bondholder issue at the earliest.

While he did not say anything about the layoffs, or the delays in remitting provident fund amounts and realigning certain lossmaking businesses within the group during the town hall, in an email addressed to all employees on Thursday evening he said: "My heart goes out to each and every team member who is facing the difficult reality of downsizing, a decision that was made as a last resort and with a heavy heart." The company "will grow more sustainably going forward", he added.