Prominent edtech platform Byju’s,has successfully managed to pay salaries in full to all its employees for the month of April despite facing liquidity difficulties. However, the sales team is yet to get their pay and the two months of partial payments for the months of February and March are still pending.
It is learned that Byju’s was able to meet the payroll obligations last Friday by utilizing generated revenues and debts raised by the founders. The effort is a significant step amid ongoing financial crisis.
Byju’s recently introduced a new policy that links directly salaries of sales team to the revenue generated on weekly basis. It is considered as an innovative approach and applicable until May 21. It aims to ensure a sustainable compensation model that is aligned with performance.
Byju’s has been navigating a challenging period in recent months and particularly marked by layoffs. It affected hundreds of employees. However, the company remains committed to addressing liquidity issues.
The recent development highlights its determination to navigate financial challenges with transparency as well as strategic decision-making. The focus now mainly remains on sustaining operations, strengthening innovation and maintaining well-being of the employees.
Byju’s is well-known for revolutionizing education sector in India and particularly during the COVID-19 pandemic period. It has been instrumental in shaping the online learning landscape. Recent payroll initiative reflects its commitment to the workforce even during economic uncertainty period.
Byju’s aims in the future to optimize its operational efficiency, explore strategic partnerships and simultaneously leverage its innovation in overcoming current challenges as well as emerge stronger in the evolving edtech industry.
