Byju's Founder Writes Emotional Note After Firing 2,500 Employees

Byju's, an Edtech major, had recently devised a plan to cut costs, and for that, the decision to lay off 2,500 employees, or 5% of its workforce, was made. However, now that the said employees have been sacked, the company's founder, Raveendran, said that his number one priority will be to bring them back.

Byju's founder writes emotional note to fired staff

The founder also wrote an 'apology' letter to all the employees he has laid off at the moment. Currently, the Edtech behemoth has laid off approximately 100 employees from its media content division in Kerala. However, in the mail that was sent over following the mass firing, Mr. Raveendran said BYJU has been compelled to focus on sustainability and capital-efficient growth because of adverse macroeconomic factors.

IANS

"I realise that there is a huge price to pay for walking on this path to profitability. I am truly sorry to those who will have to leave BYJU, it breaks my heart too. 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," the CEO said in the email, according to the news agency PTI.

"I want to emphasise that the overall job cuts are not more than five per cent of our total strength," he said. He even added that he does not see this as layoff but sees it as time off.

BCCL

The man mentioned how the company will achieve sustainable growth by finding new job roles for employees. He mentioned that the HR leaders have been told to make all the newly created relevant roles available to the laid-off employees on an ongoing basis.

The founder also added how he realised that this was a huge price to pay for walking on this path to profitability. He added that the company is parting ways with 2,500 of its colleagues to avoid role duplication across their businesses.

¡°You are not just a name to me. You are not a number. You are not just five percent of my company. You are five percent of me.¡± What a soulful letter by Byju Raveendran to his employees. His pain is palpable & his confidence in helping the 2,500 laid off employees is unshakeable. pic.twitter.com/aLkO0sDG3Y

¡ª Jaymin Shah (@JayminSOfficial) October 31, 2022

The company wants to grow sustainably

The company, which was a start-up four years ago, has grown exponentially in these years but now wants to grow sustainably. Byju booked a loss of Rs 4,588 crore for the fiscal year that ended March 31, 2021, 19 times more than the preceding fiscal year. The losses increased in the 2020¨C21 fiscal year from Rs 231.69 crore in 2019¨C20. FY21 fell from Rs 2,511 crore in FY20 to Rs 2,428 crore.

TheQuint

The company, however, did announce a four-fold increase in revenue to Rs 10,000 crore in the fiscal year that ended March 31, 2022. But the company did not provide earnings or loss statistics for that time.

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