New Delhi, May 2 Embattled edtech platform
The new company policy is currently applicable to sales teams, including the Inside Sales (IS) and Byju’s Exam Prep (BEP) teams, according to an internal company document.
Byju’s did not immediately comment on the new policy.
Applicable for a period of four weeks till May 21, the new policy will ensure the disbursal of a percentage of the weekly revenue generated by sales staff, according to the document.
“Starting immediately, 50 per cent of the upfront weekly collection will be directly disbursed to our sales associates every week for the next four weeks,” read the email.
“For instance, if an associate successfully collects Rs 50,000 in revenue generated from orders between April 24th and April 30th, they will receive Rs 25,000 on May 1,” the document further said.
The base salaries for sales team associates will be suspended temporarily during the period till May 21.
“Since the base salary has been suspended, you will not receive any payout or salaries for the given period (when the associate fails to do any revenue in a given week),” the company said in the internal document.
Last month, the shareholders of the company approved the rights issue, paving the way for its parent company Think & Learn Private Limited to issue fresh shares and conclude the rights issue aimed at tackling the severe cash crunch.
The approval of the extraordinary general meeting (EGM) proposals cleared the hurdle to tackle unpaid salaries, regulatory dues and vendor payments.
Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor