According to media sources, ed-tech unicorn Byju’s has let go of over 1,500 workers in a new round of layoffs. The layoffs have impacted employees, mainly from the design, engineering, and production verticals. Around 2,500 employees, or 5% of Byju’s workforce, were let go in October. Four persons with knowledge of the situation informed Mint that Byju had let go of roughly 1,500 staff in the name of cost-cutting and outsourcing business activities.
Byju’s founder and CEO, Byju Raveendran, promised staff members in October that no additional layoffs would be made after the initial 2,500 employees were let go. According to a source quoted by Mint, the corporation intends to outsource various tasks in departments like operations, logistics, customer service, engineering, sales, marketing, and communications.
“The layoffs occurred now because management wanted to secure the new partners before attempting to let rid of the current personnel, “Added the earlier quoted individual. According to a worker who was directly affected, there was no internal communication about the layoffs by email or any other means. According to Mint, the employees were summoned to the workplace and given pink slips.
Byju’s fired more than 22,000 people in the past year
Currently, WhatsApp is the primary communication between the organisation and its employees. They want to prevent email leaks as much as possible. After the notice period expires, the employer has promised us a severance package, “The worker said. The latest round of layoffs at the unicorn ed-tech company financed by Tiger Global occurred as the startup ecosystem struggled with funding. At least 1500 members of the startup workforce experienced job losses in the first two weeks of January 2023 alone.
More than 22,000 people have been let go in the past year. “This time, top managers and vice presidents were also impacted. While the vast majority of the laid-off employees—roughly 95%—were in lower-level positions, some of the function heads who were fired held higher-level VP or senior-level positions. Throughout-hiring had been prevalent over the previous few years. This had to happen, according to a former Byju employee.
Around 2,500 employees were let go by the corporation in October of last year as part of cost-cutting initiatives and procedures to prevent redundancy across several divisions. According to the ET Now story, the engineering, sales & marketing, and logistics teams will be affected by the company’s recent employment cuts.
Byju’s founder Byju Raveendran stated after the business’s October layoff that the company is using various strategies to cut expenses and turn a profit by March 2023, according to the newspaper.When the corporation reported cutting off 5%, or 2,500 workers, in October last year, it had about 50,000 employees. When Byju laid off 5% of its workforce in October 2022, it listed “redundancies” as the primary justification.