BYJU’S unable to pay salaries as rights issue funds locked in separate a/c amid rift with investors, says Raveendran

New Delhi: BYJU’S founder Byju Raveendran on Saturday said the edtech company will not be able to pay salaries to employees as the recent funds raised through a rights issue are inaccessible due to a legal dispute with certain investors.

In a letter to staff, Raveendran said the rights issue, launched a month ago, has been successfully closed.

“This was supposed to be a happy correspondence. After all, we now have funds to meet our short-term needs and clear our liabilities. However, I regret to inform you that we will still be unable to process your salaries,” he said.