Edtech firm Byju’s lays off nearly 1,500 employees
1 year, 10 months ago

Edtech firm Byju’s lays off nearly 1,500 employees

Live Mint  

Edtech unicorn Byju's has laid off nearly 1,500 employees, in another round of layoffs according to media reports. Byju’s has fired around 1,500 employees citing cost optimization and outsourcing of operations, four people familiar with the matter, told Mint. Byju’s founder and chief executive officer Byju Raveendran in October had assured employees that no further layoffs beyond the planned 2,500 staff. “The layoffs took place now as the management wanted to get the new partners in place before the exercise of letting go off the current employees,” another person quoted above said.

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History of this topic

Byju Raveendran to Take Over Firm's Daily Operations After CEO's Resignation
8 months, 1 week ago

Byju Raveendran to Take Over Firm's Daily Operations After CEO's Resignation

News 18  

Founder of the edtech company Think and Learn, which owns the Byju’s brand, Byju Raveendran will handle the firm’s day-to-day operations following the resignation of CEO Arjun Mohan, the company said on Monday. Following the move, the company has announced a major rejig of the business that will consolidate its business into three focused divisions -The Learning App, Online classes …

Byju’s fires 500 employees over telephone calls, emails
8 months, 3 weeks ago

Byju’s fires 500 employees over telephone calls, emails

New Indian Express  

BENGALURU: Amid a funding crisis and a series of legal battles, troubled edtech firm Byju’s has fired 500 employees, including teachers. An employee with Byju’s said the company has been asking online teachers to move offline and teach at the company’s tuition centres and those who couldn’t do that are now being fired. When asked about layoffs, Byju’s spokesperson said, …

Byju's layoffs: Company starts job cuts via calls, lets go staff without notice period
8 months, 3 weeks ago

Byju's layoffs: Company starts job cuts via calls, lets go staff without notice period

Hindustan Times  

Byju's layoffs: Edtech company Byju's initiated layoffs on phone calls and is letting go employees without putting them on a performance improvement plan, Moneycontrol reported citing people in the know. Byju's layoffs: The company is also not asking employees to serve a notice period, the report claimed. Byju's layoffs so far In the past two years, Byju's has sacked at …

Explained: From startup star to financial struggle, the rise and fall of Byju's
9 months, 1 week ago

Explained: From startup star to financial struggle, the rise and fall of Byju's

India TV News  

Byju Raveendran, an engineer from Kerala, envisioned revolutionising education systems through his startup venture. The current downturn However, today, Byju's finds itself grappling with severe financial distress, struggling even to pay its employees' salaries. Unraveling the story Founded in 2003, Byju's initially gained traction by aiding friends in cracking the CAT entrance exam. Financial fiasco Reports suggested that Byju's faced …

Byju's gives up most office spaces in India, shifts to remote work
9 months, 1 week ago

Byju's gives up most office spaces in India, shifts to remote work

Hindustan Times  

Edtech company Byju's has left all office spaces across India and is only retaining its headquarters at IBC Knowledge Park in Bengaluru. Bjyu's work from home rule Byju's has asked all employees to work from home indefinitely, except for those working out of approximately 300 Byju's Tuition Centres, it was reported. The company has taken the decision as part of …

Will Byju’s investors fire founder Byju Raveendran from the ed-tech firm today?
10 months ago

Will Byju’s investors fire founder Byju Raveendran from the ed-tech firm today?

Firstpost  

The fate of Byju Raveendran, founder and CEO of ed-tech giant Byju’s, hangs by a thread. Will Byju Raveendran, founder and CEO of ed-tech giant Byju’s, be ousted today from the company, as it continues its freefall? However, Byju Raveendran, and the company’s other board members co-founder Divya Gokulnath and Riju Ravindran have said that they will not attend the …

Byju's crisis: Court ruling protects CEO Raveendran from ouster in upcoming shareholder EGM
10 months ago

Byju's crisis: Court ruling protects CEO Raveendran from ouster in upcoming shareholder EGM

Hindustan Times  

Edtech company Byju's CEO and founder Byju Raveendran got major relief during a Karnataka high court hearing, where the bench refused to stay the emergency meeting called by the investors. Byju's on Wednesday said that any calls taken by the investors during the emergency meeting will not be considered valid till the time the court is done with hearing their …

Byju’s woes shows failure to adjust to post-covid reality
10 months ago

Byju’s woes shows failure to adjust to post-covid reality

New Indian Express  

Troubled edtech firm Byju’s has been thrown a lifeline by disgruntled investors who have so far pledged to contribute $300 million to allow it to continue operations. The rights issue, expected to close by the end of the month, has valued the company at $200-250 million—a meltdown of about 95 percent from Byju’s peak valuation of $22 billion. Byju’s has …

Does the collapse of Byju’s mean the end of edtech?
10 months, 2 weeks ago

Does the collapse of Byju’s mean the end of edtech?

Live Mint  

Edtech giant Byju’s is struggling to meet salary and vendor payments. Claimed to be India’s first edtech unicorn, with valuation at its peak around March 2022, the company is now struggling to pay salaries. The issue, set to stay open for 30 days, suggests a stark reassessment of Byju's valuation of $22 billion as the company is willing to issue …

Byju's crisis explained: Why edtech firm, once valued at $22 bn, is witnessing financial downfall
10 months, 3 weeks ago

Byju's crisis explained: Why edtech firm, once valued at $22 bn, is witnessing financial downfall

Hindustan Times  

Ed-tech company Byju's has been grappling with a financial crisis, and in their latest move, the shareholders of the company have moved a resolution seeking the ouster of the founders from top leadership roles, including CEO Byju Raveendran. US-based investment firm Redwood cut a loan of $1.2 billion to Byju's in November 2021, but the ed-tech firm failed to make …

Byju’s targets to be profitable by March 2024, may layoff 3,000-3,500 workforce
1 year, 2 months ago

Byju’s targets to be profitable by March 2024, may layoff 3,000-3,500 workforce

Live Mint  

On account of consolidation and restructuring of the organization and settlement on a $1.2 billion loan, edtech major BYJU'S has set the target to become profitable by March 2024, reported news agency PTI citing sources. "Think and Learn Private Ltd restructuring will see the current operations spread across several business units streamlined into four core areas of K-12, test prep, …

From layoffs to legal hurdles: What's going on at Byju's?
1 year, 5 months ago

From layoffs to legal hurdles: What's going on at Byju's?

India Today  

Edtech giant Byju’s has seen a sharp turnaround in its fortunes since last year, and the success story of India’s most valuable start-up seems to have turned sour, even as its CEO Byju Raveendran remains optimistic about the company’s future. In a virtual town hall held on Thursday, Raveendran assured employees that the “best is yet to come” for Byju’s, …

Edtech giant Byju's under inspection for corporate governance lapses: Report
1 year, 6 months ago

Edtech giant Byju's under inspection for corporate governance lapses: Report

India Today  

The Ministry of Corporate Affairs has ordered an inspection of edtech startup Byju's, citing concerns over corporate governance lapses, reported CNBC-TV18. The ministry's move follows recent developments, including Deloitte and three board members severing ties with the company amidst a legal battle with lenders and a decline in valuation. Deloitte, one of the world's largest auditing firms, recently resigned as …

Three board members quit Byju's, Deloitte steps down as auditor: Report
1 year, 6 months ago

Three board members quit Byju's, Deloitte steps down as auditor: Report

Hindustan Times  

Three board members of Indian startup Byju's have quit and Deloitte has stepped down as its auditor, three sources said, key departures amid the edtech company's disagreement with lenders and when an investor has slashed its valuation. Byju's founder Byju Raveendran Peak XV Partners' GV Ravishankar, Prosus' Russell Dreisenstock and Chan Zuckerberg Initiative's Vivian Wu have resigned from the board, …

Byju's Employee Asked To Resign Immediately Despite 'Being Available' 24x7
1 year, 6 months ago

Byju's Employee Asked To Resign Immediately Despite 'Being Available' 24x7

ABP News  

Over 1,000 employees were recently laid off by Edtech company BYJU's. Amid all this, a former employee of the company, who lost his job said he was asked by the edtech firm to put in his papers ‘immediately’ despite being available for work '24/7.' I have never applied to a 10 to 8 work culture in my life, always available …

Former BYJU'S Employee, Who Worked 24x7, Asked to Resign 'Immediately' Amid Massive Layoff
1 year, 6 months ago

Former BYJU'S Employee, Who Worked 24x7, Asked to Resign 'Immediately' Amid Massive Layoff

News 18  

BYJU’s amid increased tension with lenders, has started laying off staff across departments as a cost-saving measure. With around 1,000 employees laid off across all departments as part of its restructuring process, a former employee has now come forward to share how he was asked to resign immediately, despite having given his everything to the company, reported Moneycontrol. “I lost …

Byju's layoffs | Edtech giant mulls fresh round of job cuts, likely to fire 1,000 employees: Report
1 year, 6 months ago

Byju's layoffs | Edtech giant mulls fresh round of job cuts, likely to fire 1,000 employees: Report

India TV News  

Byju's layoffs: In a fresh bit to cut costs, India's largest edtech company, Byju's is expected to lay off around 1,000 more employees. The report further stated that the company's latest decision was imminent in the aftermath of Byju's failure to make a quarterly interest payment of roughly $40 million on a $1.2 billion term loan B. Byju's fired around …

ED searches Byju’s premises: How the ed-tech firm has remained in the eye of the storm
1 year, 7 months ago

ED searches Byju’s premises: How the ed-tech firm has remained in the eye of the storm

Firstpost  

The ED conducted searches on Byju’s premises in Bengaluru in connection with alleged foreign exchange violations on Saturday. Byju’s ED woes According to the central probe agency, Byju’s allegedly remitted abroad over Rs 9,700 crore of the Rs 28,000 crore received by Think and Learn Private Limited as Foreign Direct Investment since 2011. “The company has booked around Rs 944 …

No plans of shutting down WhiteHat Jr: BYJU’S spokesperson
1 year, 10 months ago

No plans of shutting down WhiteHat Jr: BYJU’S spokesperson

Live Mint  

BYJU's, which grappled with mounting losses after the pandemic-era boom in online tutoring petered out, denied any plans to shut down one of its acquisitions, coding platform WhiteHat Jr. A company spokesperson said that BYJU's is merely optimising Whitehat Jr for “organic and efficient growth”. We are merely optimizing it for organic and efficient growth,” a BYJU'S spokesperson said amid …

INDUSTRY | Will IT lay-off wave crash into Indian shores?
1 year, 10 months ago

INDUSTRY | Will IT lay-off wave crash into Indian shores?

The Hindu  

Published : Feb 09, 2023 10:25 IST It was a New Year gift that the employees of Big Tech did not see coming. “If a small company like mine has been told not to hire high-skilled workers, then it can happen anywhere.” Alagunambi Welkin, general secretary of the Union of IT and IT-ES Employees, said that it was odd that …

Byju's lays off 1,500 employees, cites cost optimisation and outsourcing of operations
1 year, 10 months ago

Byju's lays off 1,500 employees, cites cost optimisation and outsourcing of operations

Hindustan Times  

Byju's has laid off around 1,500 employees, with those let go accounting for 15% of the company's existing workforce, according to media reports. In October last year, the edtech giant laid off 2,500 employees “Byju's has fired around 1,500 employees citing cost optimisation and outsourcing of operations. The company is planning to outsource some functions in areas such as operations, …

Byju’s fires 1,500 staff; senior execs also hit
1 year, 10 months ago

Byju’s fires 1,500 staff; senior execs also hit

Live Mint  

NEW DELHI : Tiger Global-backed Byju’s has fired about 1,500 employees, including senior executives, in the second layoff exercise by India’s most valuable startup in about four months, said four people familiar with the matter. A senior official at Byju’s and one of the four people cited above said the new round of firings were planned in October itself. The …

Byju's lays off 1,000 employees, fired people over WhatsApp calls
1 year, 10 months ago

Byju's lays off 1,000 employees, fired people over WhatsApp calls

India Today  

After Google, Byju's is the latest company to fire hundreds of employees. In the latest round, the company has fired 300 employees in the Engineering team and the Logistics team strength has dropped to 50 percent if we also count October’s layoff process, people familiar with the matter told MoneyControl. The impacted employees were not sent an official email as …

BYJU’S drops layoff plan for now, to retain Thiruvananthapuram operations
2 years, 1 month ago

BYJU’S drops layoff plan for now, to retain Thiruvananthapuram operations

Live Mint  

Edtech platform Byju's on 2 November decided to revoke it plan to shut its operations in Thiruvananthapuram after meeting with Kerala Chief Minister Pinarayi Vijayan. Apart from dropping the layoff plan and relocation of 140 employees at one of its offices in Kerala, Raveendran announced plans to hire 600 people in the state. The following update arrives as the firm's …

Byju's to continue operations at Kerala Technopark center, not to lay off employees
2 years, 1 month ago

Byju's to continue operations at Kerala Technopark center, not to lay off employees

The Hindu  

Edutech company Byju’s, which had earlier decided to lay off all of its employees at its centre in Technopark, Thiruvananthapuram, has decided to continue its operation at the centre after Byju Raveendran, CEO & founder of the company, held talks with Chief Minister Pinarayi Vijayan. Labour Commissioner K. Vasuki IAS also chaired a meeting with the employees, representatives of Prathidhwani, …

Byju's rolls back relocation plan for Kerala staffers after founder meets CM
2 years, 1 month ago

Byju's rolls back relocation plan for Kerala staffers after founder meets CM

India Today  

In a move that will save the jobs of 140 employees working for Byju's in Kerala, the edtech major has rolled back its decision to relocate the employees and has decided to continue its operations at the Technopark campus in Thiruvananthapuram. However, after founder Byju Raveendran's meeting with the state chief minister, the company has now reversed the decision and …

Byju Raveendran pens emotional farewell note to sacked staff
2 years, 1 month ago

Byju Raveendran pens emotional farewell note to sacked staff

Live Mint  

Edtech unicorn Byju’s founder sought forgiveness from the 2,500 employees who are in the process of being fired by the edtech, as it pursues a plan to achieve profitability by the end of FY23. We are having to part ways with 2500 of our colleagues,” chief executive and founder Byju Raveendran wrote in an internal letter to employees on Monday. …

Byju’s shuts down Kerala office, forces employees to resign: Report
2 years, 1 month ago

Byju’s shuts down Kerala office, forces employees to resign: Report

Live Mint  

Edtech firm Byju's has allegedly closed down their Technopark, Thiruvananthapuram office and are forcing their employees to resign, Minister for General Education and Labour in the Kerala Government, V Sivankutty said on social media platform Facebook. On Facebook, Technopark Today, the community media platform of Technopark employees, said that Byju’s management was forcing employees to resign. Reports have suggested that …

Byju’s to layoff 5% employees to become profitable: 10-point cheat-sheet
2 years, 2 months ago

Byju’s to layoff 5% employees to become profitable: 10-point cheat-sheet

Live Mint  

India's ed-tech unicorn Byju’s is laying off 2,500 employees in an attempt to become profitable by March 2023. This move comes after Byju's witnessed a significant drop in its demand despite the pandemic increasing the need for online classes as nationwide lockdown had forced schools and colleges across India to shut down for a couple of months. The 5% layoff …

Byju’s looks to lay off about 2,500 employees
2 years, 2 months ago

Byju’s looks to lay off about 2,500 employees

Live Mint  

Edtech unicorn Byju’s on Wednesday said it will lay off 2,500 employees accounting for 5% of its workforce, over the next six months, as it aims to become profitable by March 2023. These measures will help us achieve profitability in the defined time frame of March 2023,” said Mrinal Mohit, chief executive of Byju’s India business. Byju’s also said it …

Byju’s to fire 2,500 staff, designs mega plan to turn profitable by March 2023
2 years, 2 months ago

Byju’s to fire 2,500 staff, designs mega plan to turn profitable by March 2023

Live Mint  

Byju's announced on October 12 that it had planns to turn profitable by March 2023. In September, due to rising promotion and labour costs, The Tiger Global-backed edtech company recorded a loss of ₹4,588 crore for the 2021 fiscal year. Byju's has developed a plan to reduce its marketing and operating costs in order to turn a profit by March …

Ola To Lay Off 1,000 Employees; Hiring for Electric Mobility Business
2 years, 4 months ago

Ola To Lay Off 1,000 Employees; Hiring for Electric Mobility Business

News 18  

Even as Ola is hiring for its electric mobility business, the urban mobility firm is in the process of laying off about 1,000 employees, according to an ET report. The restructuring exercise, expected to be on for a few weeks more, is to focus more on its electric mobility business, where it is hiring “aggressively”, the report said quoting sources. …

Byju's says 500 employees laid off across the group, employees claim 1,100 retrenched at Toppr alone
2 years, 5 months ago

Byju's says 500 employees laid off across the group, employees claim 1,100 retrenched at Toppr alone

The Hindu  

The layoff at Toppr comes alongside Byju's group firm Whitehat Jr retrenching 300 employees in addition to the resignation of 250 employees from the company in April-May. This entire exercise involves less than 500 employees from across Byju's group companies," Byju's spokesperson said. Toppr's sacked employees said that they got a call from the company on Monday and were asked …

Tough lessons: Are Byju’s mass layoffs a sign of trouble for India's edtech sector?
2 years, 5 months ago

Tough lessons: Are Byju’s mass layoffs a sign of trouble for India's edtech sector?

Firstpost  

In a post-pandemic world, where edtech companies are struggling to survive, Byju’s has laid off at least 1,500 employees. Byju’s responds With the news of the firings becoming headlines across platforms, the edtech company, currently valued at $22 billion, issued a statement saying, it was “optimising” its teams across group companies. The company added that the “entire exercise involves less …

Why is Byju’s laying off employees and delaying payments?
2 years, 5 months ago

Why is Byju’s laying off employees and delaying payments?

Live Mint  

Bengaluru-based largest ed-tech company, Byju's, is in news for two very different reasons in two different countries. India's $22 billion firm is making headlines in India for joining the layoff bandwagon by announcing the termination of 500 employees in WhiteHat Jr, 1,100 in Toppr and reports suggest the number may be as high as 2500 across its group of companies. …

Moneycontrol Exclusive: Deep Cuts At Byju's: Over 2,500 Employees Laid Off Across Byju’s, WhiteHat Junior and Toppr
2 years, 5 months ago

Moneycontrol Exclusive: Deep Cuts At Byju's: Over 2,500 Employees Laid Off Across Byju’s, WhiteHat Junior and Toppr

News 18  

All’s not well for the world’s most-valued edtech company. Byju’s, currently valued at $22 billion, has laid off over 2,500 employees across its group companies as the Byju Raveendran-led unicorn is looking to aggressively cut costs with demand for edtech services moderating after two consecutive years of hypergrowth. Byju’s has laid off full-time and contractual employees from Toppr, WhiteHat Jr, …

Edtech Firm Byju’s Valuation Surges After It Receives $200 Million Fresh Investment
4 years, 1 month ago

Edtech Firm Byju’s Valuation Surges After It Receives $200 Million Fresh Investment

ABP News  

As online education has gained tremendous pace owing to pandemic with schools remaining shut for almost a year now, it has only led to the growth of businesses in the edtech space. On of the major players in the field, Byju's has raised $200 million in a fresh funding round from private equity players BlackRock and T. Rowe Price. The …

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