Byjus’s Lay Off: Edtech company Byjus has shown the way out to about 1000 employees. According to the report, employees of different departments have been offered a way out.
The process of fresh exit of employees in the company started when the company was fighting a legal battle. The company is in dispute with an American investor regarding a term loan of US$1 billion.
A source close to Byju’s said that around 1,000 employees had been laid off. Although talking the total current employees of the company, is about 50,000. This also includes those employees who have been newly recruited.
In October last year, Byjus gave information about the exit of five per cent, i.e., 2500 employees in the next six months. The company wants to become profitable by March 2023; keeping this in mind, this retrenchment is being done. The source says that the recent layoffs are an exercise to reduce the company’s expenses.
A source close to the company said that Friday would be the last working day for these employees. There was no communication of any kind with these employees before. After some media reports surfaced, employees were not given any information about this when they asked HR about it.
Employees have received a mail from Raveendran of BYJU’S, in which he has said that now there will be no retrenchment in the company; the company is doing well. But after October, there have been two major retrenchments. Most of the 1,000 laid off are senior employees who have spent more than two years with the company.
