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Byju's regrets 'delays' in settling dues of laid-off employees

Economic Times

Economic Times · 1y ago

Byju's regrets 'delays' in settling dues of laid-off employees

Byju's, the edtech giant, has announced its commitment to clearing the full and final settlement dues of laid-off employees. The company expressed regret over the delays in settling dues and attributed them to a "difficult business restructuring." Byju's had laid off around 1,000 employees in June 2023. The new timeline provided to sacked employees suggests that outstanding payments will be made by November 17, 2023, instead of the earlier deadline of September 15. Byju's is also exploring the sale of subsidiaries like Epic and Great Learning to raise funds to repay its outstanding Term Loan B.

Related News

Byju's pays delayed November salaries to 1,000 employees

Money Control

Money Control · 1y ago

Byju's pays delayed November salaries to 1,000 employees

Byju's has finally paid the pending salaries for November to 1,000 of its employees. The edtech firm had faced technical glitches and had delayed payments, causing concern among its workforce. The company has been facing multiple challenges recently, including a delay in settling payments to laid-off employees and a legal dispute with the Board of Control for Cricket in India (BCCI). Byju's is currently reviewing its assets and has decided to sell off platforms like Great Learning and Epic to raise funds for loan repayment.

32,500 startup staff fired or forced to resign since 2022: Report

Twitter · 1y ago

32,500 startup staff fired or forced to resign since 2022: Report

More than 32,500 employees of startups operating in India were laid-off or forced to resign since 2022, according to data compiled by Moneycontrol. BYJU'S, including its subsidiaries, laid-off about 9,000-10,000 employees, topping the list, and was followed by Ola, with over 2,100 fired staff, and Unacademy, with about 2,000 laid-off employees. Meanwhile, Blinkit laid-off 1,600 employees.

BYJU’S earmarks INR 18.8 Cr as potential penal liabilities for non-compliance

Inc42 · 1y ago

BYJU’S earmarks INR 18.8 Cr as potential penal liabilities for non-compliance

BYJU'S, the edtech giant, has set aside INR 18.87 Cr in its FY22 financial statements for potential penalties for non-compliance with the Companies Act. The company, along with its subsidiaries, has violated multiple provisions of the Act, including failure to conduct annual general meetings and file financial statements within prescribed timelines. The auditor also flagged concerns about the company's ability to continue as a going concern and a substantial amount of dues to be recovered. BYJU'S has undergone a mass restructuring, laid off thousands of employees, and faced challenges in raising funds and maintaining valuation.

BYJU's Ex-Employees charge company of missing full And final settlement deadline

OutlookIndia

OutlookIndia · 1y ago

BYJU's Ex-Employees charge company of missing full And final settlement deadline

Former employees of edtech giant BYJU'S have accused the company of failing to meet the deadline for full and final settlement of laid-off workers. The workforce at BYJU'S has decreased from 50,000 in October 2022 to 31,000-33,000. Employees have taken to social media platforms and email to express their grievances about delayed payments and lack of resolution from the company. BYJU'S has not provided any comment on the matter. The company had previously announced plans to lay off around 3,500 employees in October.

Over 100 Indian startups laid off more than 15,000 staff this year: Report

Livemint

Livemint · 1y ago

Over 100 Indian startups laid off more than 15,000 staff this year: Report

According to Layoffs.fyi data, over 100 Indian startups laid off more than 15,000 employees in 2023 due to the funding winter. Byju's, an ed-tech startup, had to lay off 2,500 employees and its founder, Byju Raveendran, pledged his home to raise funds for salaries. The economic challenges forced startups to reduce costs, including marketing expenses and employee salaries. Globally, more than 1,160 tech companies laid off 2,602,238 employees this year, with Indian startups witnessing a 65.8% drop in funding between January and November 2023.

Indian startups have laid off over 30,000 employees since the beginning of 2022

Money Control

Money Control · 1y ago

Indian startups have laid off over 30,000 employees since the beginning of 2022

Since the beginning of 2022, Indian startups have laid off over 30,000 employees. In 2023 alone, approximately 49 startups have laid off nearly 13,000 employees. Layoffs have slowed down in recent months, but many startups have resorted to silent layoffs. Byju's, the world's most valued edtech startup, recently announced a restructuring exercise that could lead to the elimination of 4,000 to 5,000 jobs. The funding winter continues to impact startups, with more tough decisions expected to be made for survival.

Tech layoffs in January 2024: CEO fires the whole company over 2-minute call; Google, Microsoft, Amazon continue layoffs; job cuts at TikTok, Flipkart, Swiggy, and others

Startup News FYI

Startup News FYI · 1y ago

Tech layoffs in January 2024: CEO fires the whole company over 2-minute call; Google, Microsoft, Amazon continue layoffs; job cuts at TikTok, Flipkart, Swiggy, and others

In January 2024, several tech companies implemented job cuts. Frontdesk fired all 200 employees during a two-minute call, Google laid off hundreds of staff across various divisions, Microsoft cut 1,900 jobs, Amazon announced layoffs in Audiobooks, Prime Video, and Twitch divisions, Xerox reduced its workforce by 15%, Unity Software cut 1,800 jobs, Discord laid off 17% of its employees, eBay cut 1,000 jobs, Flipkart laid off 1,000 employees, Swiggy laid off 400 employees, Riot Games cut 11% of its staff, TikTok laid off 60 workers, and Salesforce announced 700 job cuts.

BYJU'S owes ₹4.5 crore to 160-200 ex-employees: Karnataka Minister Lad

Money Control

Money Control · 1y ago

BYJU'S owes ₹4.5 crore to 160-200 ex-employees: Karnataka Minister Lad

BYJU'S owes a total of around ₹4.5 crore to 160-200 former employees, Karnataka's Labour Minister Santosh Lad told Moneycontrol. He met with BYJU'S representatives on July 1 and urged them to settle outstanding dues owed to former employees. "I have instructed them to settle at least 50%...dues...at the earliest, with remaining 50% to be paid in due course," Lad said.

Byju’s lays off about 500 staffers, nearly half from tuition centre business

Economic Times

Economic Times · 1y ago

Byju’s lays off about 500 staffers, nearly half from tuition centre business

Byju's, the troubled edtech company, has reportedly laid off around 500 employees, mainly in sales and marketing roles. The layoffs come as the company faces difficulties in securing capital and managing day-to-day operations. Around 240 of the affected employees worked in Byju's Tuition Centre operations, with the rest employed in other areas like K-10 and examination preparation. The company has attributed the layoffs to a cash crunch and a business restructuring exercise. Additionally, employees were informed that their salaries would be delayed due to actions by investors. Byju's is currently attempting a $200 million rights issue to raise funds.

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.

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