‘My brother gave ₹1,600 Cr for salary of the employees’: Byju's CEO

Byju Raveendran, CEO of troubled Ed-tech giant Byju’s, addressed employees about delayed July salaries, citing a temporary Supreme Court stay on a bankruptcy case hindering fund access.

"I understand how crucial this is, and I want to explain the situation clearly," Raveendran wrote, pointing out that the company’s financial control remains frozen due to a legal dispute with foreign lenders.

“This isn't just a promise—it's a commitment. Your salaries will be paid promptly, even if that means raising more personal debt." He added.

Raveendran strongly denied allegations of avoiding legal responsibilities and clarified that his travels were for business and family reasons. 

He talked about transparency regarding his activities and whereabouts and highlighted the financial strain on Byju's. The letter detailed that the founders have infused over Rs 7,500 crore into the company to sustain operations. Riju Raveendran, Byju's brother, contributed Rs 1,600 crore for salaries over the past two years.

"I am not a fugitive," he stated, emphasising that his travels are for business and family reasons, including time spent in the U.S. due to his father’s health condition.

He added that his brother Riju Raveendran has personally contributed Rs 1,600 crore for salaries over the past two years.

"Riju has taken full financial responsibility for settling Rs 158 crores with the BCCI. The funds used were entirely sourced from his personal finances, accumulated through the sale of shares in Byju’s."

Social Media Reaction:

Online users are reacting negatively to Byju's founder's latest clarification on "fugitive" allegations.

One user wrote, "Business need to be run on ethics and with best corporate governance. If not you will end up in Sathyam computers path and end up in jail"

Another user commented, "#Byju's has finally been ensnared in his own web of lies ! No escape now . The tragedy is that he has cheated thousands of families and employees."