According to YourStory, edtech unicorn BYJU'S has started a new wave of layoffs that might affect more than 900 workers from different teams and departments. Three company representatives who agreed to speak anonymously with YourStory indicated that the product teams in the international business as well as the marketing, design, logistics, and technology divisions in India were primarily impacted by the layoffs.
A second person who talked with YourStory claimed that a number of top management staff members were also forced to leave as a result of the IT industry's mass layoffs.
"People on the international team were informed. Now, everything is kept very quiet. Several of the largest contributors were also let go, "One of them told YourStory that.
According to a top executive at BYJU'S, the majority of the upper management has already started seeking for employment elsewhere after "losing faith in the company" according to the YourStory story. A second insider separately confirmed the company's lack of enthusiasm.
"In much of the company, team morale is laughably poor. Most folks are trying to land something else with one foot out the door. But as you are aware, the market is not very good "explained a former worker who just lost their job after working for BYJU'S for three years and spoke to YourStory.
Top directors and HR personnel were present on the video conversation during which they were informed of the layoff, the source continued.
Cost-benefit analysis and the inability to generate revenue from a particular unit were two of the standard justifications stated for not sending emails. Email addresses have reportedly been deactivated, and parties affected have been given 24 hours to finish.
Byju Raveendran stated in an interview with Moneycontrol mid-last month on the sidelines of The World Economic Forum in Davos that the company will turn a profit by the March or June quarter and that the worst was over for the edtech industry.
Previously, in October 2022, BYJU'S laid off roughly 2,500 employees as part of its cost-cutting initiatives. Byju Raveendran, the company's founder and CEO, had pledged at the time that he would see to it that workers who had been laid off had access to recently created relevant positions and would be rehired.
Byju Raveendran sent an email to workers on October 31 saying, "I have already asked our HR leaders to make all the newly established relevant roles available to you on a continuing basis."
Byju Raveendran expressed assurance that the company will at least partially recover its losses in the fiscal years 2021–2022, at TechSparks 2022, YourStory's premier startup-tech event.
We just finished our greatest six months, so wait for the (FY) 2022 results to be released, he had remarked.
