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BYJU’S defers offer letters of incoming employees amid growing troubles

Business Today

Business Today · 2y ago

BYJU’S defers offer letters of incoming employees amid growing troubles

Edtech giant BYJU'S has deferred the offer letters of incoming employees due to mounting challenges. The company, facing issues related to delayed regulatory approvals and operational disruptions, has put the hiring process on hold temporarily. The decision reflects the difficulties faced by BYJU'S in adapting to changing market dynamics and maintaining its growth trajectory amid a challenging business environment.

Related News

Byju’s defers FY24 appraisals as it looks to conserve cash amid delay in funding

Money Control

Money Control · 2y ago

Byju’s defers FY24 appraisals as it looks to conserve cash amid delay in funding

BYJU's, the edtech startup, has decided to defer FY24 appraisals for its employees due to cash conservation efforts amid a delay in funding, as reported by Moneycontrol. The company is taking measures to manage its financial situation while waiting for expected funding to materialize. A majority of the company’s employees are also yet to receive variable pay and other incentives yet.

Byju’s defers final settlements of laid off employees to November

Money Control

Money Control · 1y ago

Byju’s defers final settlements of laid off employees to November

Edtech giant Byju's has delayed the full and final settlements of laid-off employees from September to November due to a liquidity crunch and pending fundraise. The company had previously initiated a workforce reduction that affected nearly 1,000 employees. Byju's has informed the affected employees through an email about the delay and expects to disburse their outstanding payments by November 17. This comes as the company aims to repay lenders within six months and explores options to secure necessary funds, including the sale of assets like Great Learning and Epic.

Exclusive: Unacademy’s New BDA Hires In A Fix Over Mandatory Training & Quick Termination

Inc42 · 1y ago

Exclusive: Unacademy’s New BDA Hires In A Fix Over Mandatory Training & Quick Termination

Unacademy recently issued new offer letters to selected candidates, including a clause for a 7-day training program. This was not mentioned in the initial offer letters. Several batches of candidates were asked to undergo this training and take a test afterwards. Many of these candidates were former employees of BYJU'S, an edtech startup, who were laid off earlier this year.

BYJU’S Disappears from Play Store: EdTech Giant’s App Goes Offline

StartupTalky

StartupTalky · 3m ago

BYJU’S Disappears from Play Store: EdTech Giant’s App Goes Offline

BYJU'S has temporarily removed its app from the Google Play Store amid insolvency issues and ongoing financial troubles. While some credit processing apps remain available, the main app is accessible only through the Apple App Store, albeit with limited functionality. The company's website now features a basic landing page due to server failures linked to unpaid AWS invoices. BYJU'S faces multiple challenges, including legal disputes, regulatory scrutiny, and significant debt, amid declining business operations.

The Clock Is Ticking For BYJU’S

Inc42 · 1y ago

The Clock Is Ticking For BYJU’S

BYJU'S, the edtech company, is facing financial troubles and struggling to pay its employees. The company suspended fixed salaries for its sales team, linking their pay to weekly sales, leading to dissatisfaction among employees. Only some employees have been paid their March salaries, with many others still waiting for payment. The company's financial situation, along with a decline in its brand reputation, raises concerns about whether BYJU'S can survive in the long run. The company's cost-cutting measures under the BYJU'S 3.0 plan do not inspire confidence, and its competitors are focusing more on offline learning.

Byju's says it has paid part salaries for February, will pay rest from rights issue fund

IndianStartupNews

IndianStartupNews · 1y ago

Byju's says it has paid part salaries for February, will pay rest from rights issue fund

Amid ongoing financial troubles, edtech giant Byju’s has partially cleared the February salaries for its employees. Salaries were disbursed in full for employees up to a certain bracket, while others received only a portion. Byju’s has been facing cash flow challenges and legal disputes with investors that have impacted its ability to access funds. The company remains optimistic about accessing funds from a recent rights issue, which would allow them to pay the remaining balances. Byju’s has communicated with employees about the situation, apologizing for the delays and citing banking and legal challenges.

BYJU’S In A Legal Web: Can The Edtech GIant Fight Off Bankruptcy Risks, Angry Creditors?

Inc42 · 1y ago

BYJU’S In A Legal Web: Can The Edtech GIant Fight Off Bankruptcy Risks, Angry Creditors?

BYJU'S, the edtech giant, is facing a multitude of legal troubles, including allegations of predatory practices and defaults on payments. The company is embroiled in over a dozen cases totaling defaults and fines worth $1.5 billion. Issues range from allegations of violating foreign exchange regulations to disputes with lenders, investors, employees, vendors, and even the Board of Control for Cricket in India. The legal battles have put immense pressure on BYJU'S, leading to financial challenges and a significant decline in valuation. The company's ability to navigate through these complex legal issues remains uncertain.

Byju’s misses deadline to pay final settlements of laid off employees again

Money Control

Money Control · 1y ago

Byju’s misses deadline to pay final settlements of laid off employees again

Edtech company Byju's has once again delayed the full and final settlements of laid-off employees, missing the November 17 deadline. Amid a liquidity crunch and pending lender repayments, the company has been grappling with financial difficulties. Out of the 48 former employees surveyed, 40 have reported not receiving their settlements as promised, while some who did receive the payment did not receive variable pay or incentives. Byju's claimed to be making payments in a phased manner on a weekly basis, but some employees are still awaiting their settlements from June and July.

Cognizant defers salary hikes by a quarter to August

Money Control

Money Control · 1y ago

Cognizant defers salary hikes by a quarter to August

IT services firm Cognizant will be implementing salary hikes to eligible employees from August 1, which is a delay compared to previous years. The company, which has a global workforce of around 347,000 employees, with the majority based in India, is facing a weak demand environment due to macroeconomic factors. Despite this, Cognizant remains committed to recognizing the hard work and dedication of its associates through annual merit increases and bonuses. This move will mark the fourth salary hike for the majority of Cognizant employees within three years.

IPOs get trimmed as selling shareholders hold back on OFS plans

Livemint

Livemint · 22d ago

IPOs get trimmed as selling shareholders hold back on OFS plans

Amid a crowded IPO market and disappointing valuations, many firms are reducing their offer-for-sale components. Bankers advise companies to adopt more rational pricing, encouraging them to leave room for incoming investors. Due to muted investor feedback, companies like HDB Financial, Ather Energy, and NSDL are scaling back stake sales, favoring post-listing strategies. This shift reflects a trend where firms adjust IPO pricing and sales plans to attract better exits through block deals and secondary sales.

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