Rephrase the title:Byju Raveendran Mortgage Two Bengaluru Homes For $12 Million To Ensure Salary Of 15000 Employees: Report

Posted on By Haley Bennett

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Indian edtech giant Byju’s is reportedly in the process of raising ₹600-700 crore ($80-93 million) to cover operational expenses until March 2024. The funding is expected to come through a combination of debt and proceeds from the sale of its subsidiary Epic, along with a partial stake sale in other subsidiaries. Reportedly, Byju’s founder, Byju Raveendran, recently mortgaged home and real estate assets owned by family members to secure funds for paying salaries. Two homes of the former billionaire edtech mogul offered as collateral to borrow $12 million are in Bengaluru, including the under-construction villa at Epsilon. Sources remarked that the funds will be used to pay the salaries of 15,000 employees of Think & Learn Pvt., the parent firm of Byju’s. There is an approximately ₹50 crore ($6.7 million) monthly gap in operational expenses, with a large component being salaries.

The company has called for an Annual General Meeting (AGM) on December 20 to discuss the pledged assets with the board and seek approval for financial results. Manipal Education and Medical Group Chairman Ranjan Pai recently acquired a ₹1,400 crore ($187 million) debt raised by Byju’s from Davidson Kempner, settling a penal amount claimed by Kempner. Pai, an early investor in Byju’s, is also considering additional stakes in AESL. The AGM will include discussions on the repayment schedule for the ₹160 crore ($21 million) sponsorship dues owed to the Board of Control for Cricket in India (BCCI).

Meanwhile, amidst salary delays, the company might slash nearly 40% of its engineering team in a cost-cutting measure. That’s about 190 employees of its 310-member engineering talent pool.

Amid the financial fiasco, here’s how the media is reporting Byju’s premature demise. Yes, the company has had a questionable past, like many other giant corporations that failed earlier. But can it pull off an Adani and make a comeback? Will it repair its moral compass to withstand the storm for the journey ahead?

Sources: Mint, Businessline, and Reuters

See Also: ‘House Of Cards,’ Hansal Mehta Slams Byju’s As The EdTech Scramble To Keep Its Engines Running Amid Crisis

See Also: The Internet Is Furious As Byju’s Hires Lionel Messi As Brand Ambassador After Firing 2500 Employees

Technology

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