India: BYJU'S to fire 2,500 Employees...
The founder of edtech unicorn Byju's has apologized to the 2,500 employees who are in the process of being fired by edtech, as the company wants to become profitable by the end of FY 2023. The company's CEO and founder said in an internal letter to the company's employees on monday I realize that there is a big price to pay for walking this path of profitability. We have to separate from our 2500 allies. I genuinely feel bad for those who must leave Byju.
The Bengaluru-based unicorn has been facing protests on social media from employees who were fired over the past few weeks due to restructuring. Last week, the company denied media reports which claimed that the company had cut over 2500 jobs. Fearing layoffs, the company's employees at the thiruvananthapuram office had met Kerala's General education and Labor minister V Shivankutty. We have grown quickly and significantly over the world during the past four years, according to Raveendran. Though we should rationalise them, our company has seen certain inefficiencies, redundancies, and duplication as a result of our rapid organic and inorganic expansion.
Here is the company's planning
The company had previously outlined a number of initiatives to streamline operations and reach group-level profitability by march 2023. These decisions include deciding to let go of 2,500 workers, or 5% of its workforce, over the course of the next six months, integrating businesses it has purchased over the previous three years, overhauling its sales infrastructure, and more in the upcoming year. This entails bringing on 10,000 additional teachers altogether.
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