BYJU’s Job Cuts: 15 percent of the employees of the engineering team have been fired. See the details of this complete case here.
Indian Multinational Educational Technology Company, BYJU Has fired more than 1,000 employees. According to media reports, 15 percent of the employees of the engineering team have been fired. This company previously hired 30 percent of the tech and engineering team. employees retrenchment of It was Let us tell you that till now no reply has come from the company’s side. In October, the company had said that it had laid off 5 per cent of its total employees i.e. a total of 2,500 employees out of 50,000 work force. Then the company’s founder Byju Raveendran had justified the retrenchment and said that it was a necessary step taken for the benefit of the company.
According to reports, the reason for the layoffs now is that the management wanted to give space to new employees before removing the existing ones. The employee of the company said that right now the company is communicating with most of the employees through WhatsApp. According to reports, this is because they want to leak at least the emails. He said that after the expiry of the notice period, the company had assured them that a severance package would be given.
Rs 2,500 crore spent for advertising and marketing
In the financial statement of FY21, the company reported a loss of Rs 4,589 crore, which is the biggest ever reported by an Indian startup company. In such a situation, the revenue of the company had fallen by 3.3 percent. The company’s financial year 2011 was delayed by about 18 months. BYJU had spent more than Rs 2,500 crore for advertising and marketing in FY21. The company had spent $40 million i.e. Rs 330 crore to become the official sponsor of the FIFA World Cup.
Byju’s has been accused
After taking sponsorship from Oppo in the year 2019, the company has become the major sponsor of the Indian cricket team, they were paid Rs 4.61 crore per bilateral match and Rs 1.51 crore per match. According to reports, he had also renewed his contract with the Board of Control for Cricket in India (BCCI) for $55 million (Rs 454 crore). Recently, many other tech companies have also laid off in large numbers. This includes companies like IBM and SAP.
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