The retrenchment of employees in big companies is not taking the name of stopping. This time big news is coming out from online teaching app company Byju's Layoff. After Google, Byju’s became the latest company to fire hundreds of employees.
New Delhi: The retrenchment of employees in big companies is not taking the name of stopping. This time big news is coming out from online teaching app company Byju’s Layoff. After Google, Byju’s became the latest company to fire hundreds of employees. The edtech firm has reportedly laid off another 1,000 employees from engineering sales, marketing and logistics teams as it is grappling with slower revenue growth amid ongoing funding winter. The company had in October last year sacked around 2,500 employees on the pretext of introducing cost-cutting measures and avoiding redundancies.
Speaking to sources, an employee working in BYJU’s engineering team said, “Every engineering team was laid off this morning. My team also got cut. In all, more than 1,000 employees have been laid off. According to another employee, the company has laid off all the freshers
The existing employee of the company said- In October last year, 30 percent of the employees of the tech and engineering team were laid off. This time an additional 15 percent have been fired. In this way, in a few months, a total of 45 percent of the employees lost their jobs. However, an official response from BYJU’s is awaited.
The company has laid off people from the engineering, sales, logistics, marketing and communications teams, at least three people familiar with the matter told sources on February 2.
The report suggested that from the engineering team, about 300 employees have been sacked, while the logistics team’s strength has come down to 50 percent since October.
Earlier, Byju Raveendran, co-founder and Chief Executive Officer (CEO) of Byju’s had reassured employees in multiple internal emails that the company would not be laying off anyone since it cut 5 percent of its staff or about 2,500 employees in October.
In October last year, the company said it had laid off 2,500 employees out of a 50,000-strong workforce, 5 per cent of its total employees. Byju Raveendran, the founder of BYJU, justified the retrenchment and called it an important step taken in the interest of the company.