Byju Raveendran, the founder of Indian ed-tech company Byju’s, pledged his home and those owned by his family members to raise money to pay his employees, Bloomberg News reported on Monday.
The assets include two homes owned by the billionaire founder’s family and an under-construction villa in the southern Indian city of Bangalore as collateral for a $12 million loan, the report said, citing people familiar with the matter.
The surplus of funds will help pay the 15,000 employees of the troubled company’s parent Think and Learn Pvt Ltd, the report added.
The company is facing several setbacks, including investors downgrading its valuation and the resignations of its auditors and board members.
