Byju Raveendran Writes A Heartfelt Parting Letter To Fired Employees

Unicorn in edtech Byju’s founder begged for pardon from the 2,500 workers who are about to lose their jobs as the edtech works to attain profitability by the end of FY23.

Unicorn, situated in Bengaluru, has come under fire from workers who lost their jobs recently owing to restructuring on social media. The business last week refuted media reports that stated there would be more than 2,500 job losses. The company’s employees in Thiruvananthapuram had met with Kerala’s Minister for General Education and Labor V Sivankutty due to their fear of layoffs.

At the time the report was filed, Byju’s had not responded to an email inquiry.

The business environment has altered in 2022 as a result of unfavorable macroeconomic variables such as higher interest rates and slower finance.

The founder emphasized the importance of profitability and sustainable growth.

Byju’s last week obtained a 300 crore loan from its fully owned subsidiary Aakash Educational Services without using any collateral. It said that it was a step forward from the marketing initiatives and strategies that the company had been implementing for Aakash.

Additionally, earlier this month, the business received $250 million from current investors in a rights offering for a $22 billion value.

The company had previously stated a number of steps it will take to streamline its operations and reach group-level profitability by March 2023.

These included the choice to eliminate 2,500 employees, or 5% of its workforce, over the course of the following six months, the integration of the businesses it bought over the previous three years, the redesign of its sales infrastructure, and the hiring of 10,000 additional teachers over the course of the following year.

News Mania Desk