New Delhi: Byju’s, the edtech company, has initiated a round of layoffs, reportedly contacting affected employees via phone calls and terminating them without putting them through a performance improvement plan (PIP), as per sources cited by Moneycontrol. It’s noted that the company isn’t requiring employees to serve a notice period either.
This recent wave of layoffs is estimated to affect anywhere between 100 to 500 employees, particularly impacting the sales function of the company.
Over the past two years, Byju’s has reportedly let go of over 10,000 employees, amidst challenges such as financial constraints and legal disputes with investors and stakeholders. Currently, the company’s India entity employs around 14,000 individuals.
In response to inquiries, a spokesperson for Byju’s stated that these layoffs are part of a business restructuring effort announced in October 2023. The aim is to simplify operating structures, reduce costs, and enhance cash flow management. The spokesperson highlighted the challenges faced by the company due to ongoing legal proceedings, causing significant stress for both employees and the ecosystem.
Byju’s is said to be informing affected employees of their termination via phone calls followed by confirmation emails, specifying their last working day as March 31, 2024, and outlining the procedures for final settlement and asset handover as per the exit policy.
