Edtech platform, Byju’s has reportedly let go of around 400 employees, following a performance review process, though the company’s official statement says that only 100 individuals were affected. The platform claims that the move is not a cost-cutting measure but a weeding out of non-performers. Byju’s emphasises that the post-sale division remains unaffected and has even recruited 200 new professionals in the past two months to strengthen it.
This comes after a series of layoffs, including 900 to 1,000 earlier this year, in accordance with the optimisation plan announced last year, which aimed to streamline operations and had led to the dismissal of 2,500 workers. Last year’s layoffs encompassed 600 employees across Byju’s group companies — WhiteHat Jr and Toppr — with the intention of increasing cost efficiency.
However, Byju’s has faced scrutiny and delays in its financial reporting, leading to investigations by regulatory bodies such as the Institute of Chartered Accountants of India (ICAI) and the Ministry of Corporate Affairs.
Amidst these recent developments, Byju’s has appointed seasoned HR leader Richard Lobo from Infosys as an exclusive advisor, entrusted with the task of revitalising its HR operations. This deliberate step serves to highlight Byju’s focus on strengthening its employee-focused ethos. It is pertinent to mention here that the platform has been accused of fostering a toxic work culture by former employees.
As per the latest financial report, Byju’s incurred significant losses in FY21, reaching Rs 4,588 crore, contrasting starkly with the previous year’s performance. Despite these challenges, the company generated Rs 2,428 crore in revenue during FY21.