THERE COULD BE no starker reminder that the good times of 2021 have come to an end than edtech major Byju's Founder Byju Raveendran pledging his assets, including an under-construction villa and family homes valued at around ₹100 crore. The beleaguered firm resorted to this decision to meet the salary obligations of a portion of its employees.
Raveendran's move indicates that he is anticipating a fresh infusion of funds and is taking this substantial risk to navigate the current cash crisis. It also demonstrates his commitment to his staff and is being seen as an attempt to lift their battered morale by assuring them that he'll do whatever it takes to keep the business running.
"It demonstrates a level of commitment from the founder to ensure the company's survival and maintain employee morale. This could be seen as a positive signal that the founder is willing to go the extra mile to keep the company afloat," says Ashish Aggarwal, Director of VC firm ACube Ventures.
Soon after settling the salary dues, Raveendran gathered senior executives for a conference call, assuring them that the proposed sale of US-based subsidiary Epic would help the company address the current liquidity crunch.
This story is from the January 07, 2024 edition of Business Today India.
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This story is from the January 07, 2024 edition of Business Today India.
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