Byju's Layoffs: World's Most-Valued Edtech Startup Begins Job Cuts Across Departments Amid Increased Tension With Lenders, Say Reports
New Delhi, June 19: As per the reports, homegrown multinational edtech company Byju’s has initiated laying off employees across departs. Byju’s HR team has conducted telephonic as well as in-person meetings at its various offices on June 16 in order to take layoffs decisions, according to reports.
The company plans to let go of several employees across its many departments, including mentoring, training, logistics, finance, sales, post-sales, etc and many within the office are also aware of this development.
The Indian edtech major has also reportedly asked its employees to resign voluntarily on its official HR portal, people close to the development have revealed as per reports. The firm has also gone ahead and deactivated several employees’ official email addresses and were asked hand-over their official identity cards, the mentioned anonymous sources revealed. Reportedly, some of the Byju’s employees even received layoff communications as early as June 14, while the layoff process is still in progress. Mojocare Layoffs: Health-Tech Firm Slashes Over 80% of Its Workforce.
According to the reports, one of the anonymous sources said that some of employees we abruptly informed on June 16 that it was their last working day at Byju’s, without any prior notice. Post some media reports, employees started asking the HR and their managers if the company is planning any layoffs but the company said there would be none.
The source further added by saying that employees in almost all the departments received mails from Byju Raveendran, saying there won’t be any further layoffs, and that the company is doing really well among other reassuring things. However, since October, there have been two major rounds of layoffs at least including the ongoing one.
As per another source in reports, the company would be laying off over 1,000 employees, among which senior employees will be mostly impacted.
Byju’s has declined from divulging anything on the layoffs. While as per reports, these layoffs are targeted to achieve more profitability rather than cut costs. Sumo Logic Layoffs: Data Analytics Platform Lays Off 79 Employees as Job Cuts Continue in Tech Industry.
Byju’s plans to compensate all the impacted employees two months’ salary and a final settlement in about 45 days after July, while there won’t be any extra severance thereafter, the HR department told the employees, say reports.
The edtech firm started laying off employees a couple of weeks post it skipped paying $40 million in interest on a term loan B that it raised in November 2021. Byju’s is still dealing with its loan woes, and is aggressively looking to increase profits.
(The above story first appeared on LatestLY on Jun 19, 2023 06:06 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).