Indian ed-tech startup Byju’s employees are concerned about their future as the company has carried several rounds of job cuts.
Byju’s has already sacked several thousand employees this year due to slowing demand. The company recently sacked 500-1000 employees to cut costs. The fresh set of layoffs is expected to impact employees across marketing, sales, business development as well as product and technology functions.
To cut costs, the company had laid off over 2,500 employees across departments, in October last year. At the time it had merged four acquired companies, including Toppr, Meritnation, TutorVista, Scholar, and HashLearn.
Recently, a former Byju’s employee shared how the company’s decision affected him when he was told to “resign immediately”.
As per the reports of Reuters, “Morale is at an all-time low. Literally every person has a job portal open on their laptop at all times. Everyone wants to leave desperately before they are asked to pack up overnight,” said a senior manager at Byju’s, requesting anonymity.
“Right now the situation is so dismal, subordinates are sitting with their managers and job hunting.”
The company situation has worsened as recently, GV Ravishankar of Peak XV Partners (Sequoia Capital India and SEA), Vivian Wu of Chan Zuckerberg Initiative, and Russel Dreisenstock of Prosus left the board. This has led that the family of Raveendran, his wife Divya, and his younger brother Riju remaining on the board.
Deloitte who has been working with Byju’s since 2016 resigned on June 22 as the auditor for Think and Learn Pvt. Ltd, better known as Byju’s citing a delay in the submission of financial statements.
