Byju's struggle persists: Funds from rights issue locked, staff salaries delayed

In a heartfelt letter addressed to the staff, Raveendran expressed his regret, stating that despite the successful closure of the rights issue initiated a month ago, the company remains incapable of processing employee salaries. "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 conveyed.