BYJU’s job cuts: 15% of engineering team employees have been laid off. You can read more about this whole case here.
Indian multinational education technology company, Baeju We laid off more than 1,000 employees. According to media reports, 15% of engineering team members have been laid off. The company previously employed 30% of its technical and engineering teams. employee reduction We would like to inform you that we have not received a reply from the company until now. In October, the company said it had laid off 5% of its workforce, or a total of 2,500 workers out of a workforce of 50,000. Company founder Byju Raveendran then justified the downsizing and said it was a necessary move for the good of the company.
Reportedly, the reason for the current layoffs is that management wanted to give new employees space before removing existing ones. A company employee said he now communicates with most of his employees via Whatsapp. According to reports, this is at least because they want to leak your emails. He said the company promised to pay severance pay when the notice period expired.
250 billion rupees spent on advertising and marketing
In its FY21 financial statements, the company reported a loss of Rs 4,589 crore, the largest ever reported by an Indian startup. Under these circumstances, the company’s revenue decreased by 3.3%. The company’s fiscal year 2011 was delayed by approximately 18 months. BYJU spent over Rs 2,500 crore on advertising and marketing in FY21. The company has spent 40 million USD, or Rs 330 crore, to become an official sponsor of the FIFA World Cup.
After being sponsored by Oppo in 2019, the company became a major sponsor for the Indian cricket team, earning Rs 4.61 crore per match and Rs 1.51 crore per match for both sides. Reportedly, he also renewed his contract with the Board of Control for Cricket in India (BCCI) for $55 million (Rs 454 million). Many other tech companies have also made mass layoffs in recent years. This includes companies such as IBM and SAP.
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