In the midst of severe financial hardship, the beleaguered Edtech company Think and Learn, which owns the Byju brand, has begun another wave of phone-based layoffs without providing the workers any warning.
According to the reliable claim, Byju's has started laying off workers over the phone without offering them a performance improvement plan (PIP) or giving them time to work out a notice period.
It further stated that there may be between 100 and 500 layoffs in this round of layoffs. Due to financial difficulties, Byju's has let go of almost 10,000 workers in the past two years.
In an attempt to remove the founders, including CEO Byju Raveendran, a group of four Byju's investors filed a lawsuit alleging mismanagement and oppression against the firm management before the Bangalore bench of the National firm Law Tribunal (NCLT). A new board was also desired by the investors.
The NCLT had refused on March 28 to allow a postponement of the Think and Learn's planned extraordinary general meeting (EGM) on March 29.
As part of cost-cutting efforts, Byju's has liquidated 30 of its 292 tuition sites thus far. In the third year of operation, the edtech company had stated that it hoped to make the majority of the centers profitable.
"BYJU'S is incredibly proud of its students' achievements and the commitment of its faculty. Most of BYJU's centers are starting to earn a profit in their third year because of the school's emphasis on efficiency and quality, Byju's stated in a statement. "In the upcoming years, ninety percent of its tuition centers, or 262 out of 292, will continue to operate under this innovative hybrid model, combining the best and the newest technology."
The firm had stated, "The majority of our current students have already registered for the upcoming academic year (2024–25), and BYJU's thanks both the students and parents for their trust, confidence, and support."
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