Byju Raveendran, founder, and chief executive officer of the world’s most valued edtech startup - Byju’s, said “I am truly sorry” to all his employees for the recent layoffs that the company is undertaking, days after announcing sacking of about five percent of its 50,000 workforce to cut costs amid mounting losses.
“I am truly sorry to those who will have to leave Byju’s. You are not just a name to me, You are not a number. You are not just five percent of my company, you are five percent of me,” said Raveendran in the mail sent on October 31. Moneycontrol has reviewed a copy of the e-mail.
Raveendran also said that the company will prioritise rehiring the laid-off employees as it restructures and hires again for ‘newly created relevant roles.’
“What others see as ‘layoff’, I only see as time off. Bringing you back by putting our company on a sustainable growth path will now be the number one priority for me,” said Raveendran. He added that Raveendran has instructed his HR leaders to make the new roles available to the laid-off employees.
Byju’s declined to comment on queries sent by Moneycontrol.
Byju’s has been in news for the last six months for various factors like a year-long delay in filing of FY21 annual report, a large number of layoffs, and the struggle to close funding rounds. Earlier this month, the company raised $250 million in its first-ever flat round at a valuation of $22 billion.
With the pandemic receding and schools and colleges reopening, edtech companies like Byju’s have seen demand for their services moderating, thus raising concerns about their growth potential. This coupled with the funding winter looming in the startup ecosystem has put the company in a tough spot.
Raveendran, in the mail, said the adverse macroeconomic factors have affected the company forcing it to cut costs. “Some business decisions have to be taken to protect the health of the larger organization… Sometimes what Byju wants is not what BYJU’S demands,” added Raveendran in the mail.
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