Edtech major Byju’s has allegedly closed its location in Thiruvananthapuram’s Technopark office.
Edtech major Byju’s has allegedly closed its location in Thiruvananthapuram’s Technopark office. Employees at the company’s Thiruvananthapuram headquarters are allegedly being forced to resign. V Sivankutty, Kerala Government’s Minister for General Education and Labor, shared it on Facebook.
The minister shared the post on the 25th of October and that read that the Employees of Byju’s went to meet the minister at technopark with the officers of the Technopark-based IT employees’ welfare organization Echo. The employees had grievances regarding losing their jobs. The Minister assured that the Labor Department will carry out a thorough check on this matter.
More than 170 workers from the branch met with state labour minister V Sivankutty to discuss compensation and unpaid wages.
The employee-run community media outlet Technopark Today, said on Facebook that Byju’s management was forcing staff members to resign without any prior notice.
Technopark Today, the employee-run community media outlet, said on Facebook that Byju’s management was forcing staff members to resign without any prior notice. According to reports, the workers are asking the management to pay the salary for the month of October, one-time settlement of the salary for the next three months from November as well as encashment of earned leave and full payout of variable pay.
“We have provided a comprehensive and progressive exit package, including outplacement services, extended health insurance benefits, and garden leave, to all employees affected by the restructuring. The package also guarantees the chance to be hired again by Byju’s within the next 12 months at any of their operational centers in India.” : Byju’s Spokesperson
On the other hand, Byju’s has denied all the allegations. The company’s spokesperson claimed that they had given them more than a month’s time to come to a decision on the matter. Furthermore, the spokesperson said that we have provided a comprehensive and progressive exit package, including outplacement services, extended health insurance benefits, and garden leave, to all employees affected by the restructuring. The package also guarantees the chance to be hired again by Byju’s within the next 12 months at any of their operational centers in India.
Byju’s, on October 12, declared that it planned to become profitable by March 2023.
Besides, Byju’s, on October 12, declared that it planned to become profitable by March 2023. The edtech company had also reported a loss of 4,588 crores in September as a result of escalating labour and promotion expenditures.
At present, the company is valued $22 billion. Its fiscal year 2021 loss of 4,588 crore was 19 times larger than the previous year. Losses increased in the 2020–21 fiscal year from 231.69 crores in the prior fiscal year. Also, its revenues declined from 2,511 crores in FY20 to 2,428 crore in FY21. Although it withheld details on profit or loss for that year, the corporation announced that sales in the next year which ends on March 31, 2022 increased fourfold to 10,000 crore. It claims that the increase in losses in FY21 was mostly caused by the postponement of some revenue and losses from WhiteHat Jr.
In the upcoming six months, the Edtech company BYJU’s plans to lay off around 2,500 people. These workers make up about 5% of the total workforce. The content, product, technology, and media departments will all be affected by the employment reduction.
With its headquarters in Bangalore, Byju’s is a multinational Indian educational technology firm. Byju Raveendran and Divya Gokulnath launched it in 2011. Byju’s is estimated to be worth US$22 billion as of March 2022, and the firm states that over 115 million students are now enrolled. The company became one of the founding members of IAMAI’s India EdTech Consortium in January 2022, joining Simplilearn, upGrad, Unacademy, Vedantu and PrepInsta Prime. And to create a new edtech business and an R&D centre in Doha, it signed a contract with the Qatar Investment Authority in March 2022.
Besides, According to Bloomberg News, the Ministry of Corporate Affairs wrote to Byju’s in August 2022 to inquire as to why its audited financials for the year ending March 2021 had not been filed. Byju’s said the delay was caused by the difficulty of combining the accounts of its acquisitions during that year, explaining why it had missed the deadline by more than 17 months. [22] Deloitte gave the corporation a clean audit despite the delay.
edited and proofread by nikita sharma
