Baiju Ravindran mortgaged his house to pay his employees. The report that the house has been mortgaged comes amid reports that edtech company ByJuice is facing severe financial crisis.
Baiju reportedly mortgaged his house and a house owned by his family members to raise money to pay the salaries of the employees. Baiju’s two houses in Bengaluru and his under-construction villa in Epsilon are reportedly mortgaged.
It is reported that they have pledged to borrow $12 million. The funds were reportedly used to pay salaries to 15,000 employees of ByJuice’s parent company, Think and Learn Pvt. But neither Baiju Ravindran nor representatives of Baijus have responded to this report.
Meanwhile, the ED had issued a notice to the ByJuice Learning App a few days ago. Meanwhile, Baiju Ravindran, a Malayali, introduced the Byjus learning app in 2015. Byjus was one of the startups worth 2.2 billion dollars at the beginning.
Byjus was once highlighted as a symbol of India’s booming startup economy. Byjus suffered a setback due to the slowdown in the online education sector post-Covid. Yesterday, global tech investor Process cut Byjuice’s market value below $3 billion.
