BYJU dismisses 15% of its engineering workforce; 1,000 jobs are lost in total.
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BYJU dismisses 15% of its engineering workforce; 1,000 jobs are lost in total.

This time, BYJU’S fired 1,200 workers. The decision affects engineering, logistics, marketing, sales, and communications.

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People familiar with the situation informed Business Today on Wednesday that edtech unicorn BYJU’s has conducted a new wave of layoffs, affecting more than a thousand workers. According to Business Today, a member of the company’s engineering staff said, “People were laid off in every IT team this morning.” My team too experienced steep cuts. Over a thousand people have been laid off from engineering departments, which accounts for 15% of the workforce.

A new hire who was terminated says that the corporation has fired everyone who is just starting out in their career. According to the newcomer, “BYJU’s has laid off all newcomers in this layoff.”
Moreover, a current worker at the company revealed that 30% of the tech and engineering staff were let go in October of last year. The previous round of layoffs resulted in the dismissal of 30 percent of the engineering staff, he claimed. An extra fifteen percent were laid off this time.

On Wednesday, Business Today attempted to contact BYJU’s for comment on the aforementioned allegations. Their response will be added to the document.
The corporation announced in October that it had fired 5 percent of its personnel, or 2,500 people out of a total of 50,000. The creator, Byju Raveendran, said that the layoffs were necessary in order for the company to turn a profit.

A loss of Rs 4,589 crore was declared for FY21, the greatest ever for an Indian company, according to the edtech giant’s financial papers. The company had a 3.3% decline in revenue. The Corporate Affairs Ministry was apparently annoyed by the fact that the company’s FY21 financials were delayed by approximately 18 months.

BYJU’s marketing budget for FY21 was around Rs 2,500 crore. The official sponsorship of the FIFA World Cup cost the firm $40 million (about Rs 330 crore).

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In 2019, the firm replaced Oppo as the primary sponsor of the Indian cricket team. Each bilateral match cost them 4.61 crore, while each other match cost them 1.51 crore. And for a reported $55 million, they extended their deal with India’s cricket governing body, the Board of Control for Cricket in India (BCCI) (Rs 454 crores).

BYJU’s, however, recently made it public that the company would not be renewing its sponsorship deals with the Board of Control for Cricket in India (BCCI), the International Cricket Council (ICC), or FIFA (Federation Internationale de Football Association).

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Written by Ajit Karn

Ajit Karn is blogger and writer, he has been writing for several top news channels since a decade. His blogs & notions have quality contents.

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