Byju's CEO Admits Not So 'Smooth' Layoffs, Releases Internal Letter

In an Internal Email, the Founder and Chief Executive Office of Byju's told employees of Byjus that he seeks forgiveness if the layoffs were not smooth. He further said “I want to emphasize that the overall job cuts are not more than five per cent of our total strength,”
 
“I seek your forgiveness if this process is not as smooth as we had intended it to be. While we want to finish this process smoothly and efficiently, we don’t want to rush through it. So, we are informing all the affected team members individually with the dignity, empathy, and patience they deserve. I want to emphasize that the overall job cuts are not more than five per cent of our total strength,” said Raveendran CEO of Byjus in the internal email.

 The email comes after Byju's announced to lay off 2,500 employees which is 5 per cent of its total workforce. The total workforce of Byjus is 50,000.

It was also in the criticism for the shutting down of Technopark, Thiruvananthapuram office in Kerala. The employees alleged that they were forced to resign by shutting down the office. They also met S Kutty labour minister of Kerala. The minister also assured them a probe into the matter

“We scaled up quickly and massively across the world in the last four years…2018 to 2021 were our hypergrowth years when we regularly broke records on every business metric. We also expanded our family significantly both in our core business and by onboarding team members from our acquisitions. Then 2022 happened. This is the year when many adverse macroeconomic factors changed the business landscape. These have compelled tech companies around the world to focus on sustain,” he further wrote in the email.

Byju’s announced its results last month for fiscal year 2020-21 after an 18-month delay. It reported a loss of Rs 4,588 crore, or almost 18 times its loss in the year-ago period.