- By Radha Basnet
- Tue, 02 Apr 2024 03:52 PM (IST)
- Source:JND
Byju’s Layoffs Latest News: Edtech company Byju has started laying off its employees via phone calls without putting them on a performance improvement plan (PIP) or asking them to serve a notice period, Moneycontrol reported citing sources. According to the report, the new round of layoffs could affect nearly 500 employees. The sales department of the company could be the most affected sector.
Byju's Emails To Employees
In the current layoffs, Byju's is filing employees through phone calls and emails that read, "This is to confirm that your last working day with Think and Learn Pvt Ltd will be March 31, 2024. Your full and final settlement will be done as per the exit policy. Please hand over all the assets and proprietary information of the Company that are in your possession to enable the processing of your full and final settlement. In case of any queries on exit formalities, please contact separations@byjus.com," the emails that read.
What Byju's Said On Layoffs
Speaking on the development, the spokesperson of the Edtech company, said "We are in the final stages of a business restructuring exercise announced in October 2023 to simplify operating structures, reduce the cost base, and better cash flow management."
"We are going through an extraordinary situation in the company because of the ongoing litigation, where every employee and the ecosystem itself is going through tremendous stress given the present circumstances," the spokesperson added as quoted by Moneycontrol.
Byju Layoffs So Far
Byjus has sacked over 10,000 employees in the past two years as the company grapples with fund shortage and legal showdowns with investors and other stakeholders.