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Brief by Shorts91 Newsdesk / 12:14pm on 05 Dec 2023,Tuesday Business
Byju Raveendran, the founder of cash-crunched edtech giant Byju's, pledged his own home and properties of family members as collateral to raise $12 million, which was paid out as salaries to 15,000 employees on Monday. Two homes owned by the former billionaire's family in Bengaluru and his under-construction villa in Epsilon - a plush gated community in the city - were offered as collateral to borrow the $12 million. Raveendran, who also infused proceeds from his past share sales into Byju's, has reportedly raised $400 million in personal debts by mortgaging all his stock in the parent firm. The former billionaire has pulled out the stops to ease financial pressures as Byju's battles creditors amid attempts to sell assets.
