2023-12-06 10:19:18
India’s edtech giant ByJuice is in hot water as reports have emerged that the company is unable to pay its employees. Founder Baiju Ravindran has resorted to mortgaging his and his family’s houses to secure a loan of around 12 million in order to pay his employees. This move has raised eyebrows and led to questions about the financial stability of the company.
The company, which gained immense popularity during the Covid-19 era, has now found itself in dire straits. ByJuice, known for its online education offerings for children, has faced numerous complaints related to employees’ mental and physical well-being. It seems that the company’s funds were directed towards the founder’s personal desires, leading to its downfall in just 3 years, according to sources close to the matter.
Ravindran’s decision to mortgage his property in order to salvage the company has drawn attention and raised concerns about the company’s future. The company has not responded to queries regarding these reports, leaving many to wonder about the true state of affairs at ByJuice.
The situation serves as a stark reminder of the importance of financial stability and proper management within companies, and the need for transparency and accountability in using company funds. As ByJuice attempts to weather this storm, it remains to be seen whether Ravindran’s bold move will be enough to steer the company back on track.
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