Edtech company BYJU'S, which has fired over 3,000 employees so far, has let go of another 100 employees, citing poor performance. This layoff announcement comes at a time when the company is struggling with term loan B and delaying filing its FY22 audited results, among other issues, as stated in a report by The New Indian Express.
A spokesperson from BYJU'S confirmed the development. "There are no fresh layoffs in the post-sale division. In fact, during the past two months, as part of our commitment to augmenting this division, BYJU'S has recruited 200 new professionals," they said.
However, as part of a periodical performance review, 100 individuals who did not meet expectations after a performance improvement plan, were let go with proper procedures, the spokesperson said. The company also stressed that this measure is firmly rooted in performance-based considerations and is not in any way a cost-cutting endeavour.
Recently, CEO Byju Raveendran addressed the investors. According to sources, newly appointed advisory council members, SBI Chairman Rajnish Kumar and former CFO of Infosys TV Mohandas Pai and CFO Ajay Goel, were also present.
This was mainly to reassure investors. The council plays a significant role in advising and mentoring BYJU'S Board and its CEO on crucial matters. The company has been recruiting top executives and including the recently hired upGrad's former CEO Arjun Mohan as the CEO of its international business.
On August 14, former head of HR at IT major Infosys, Richard Lobo, also joined the company as its exclusive advisor to help transform the firm's Human Resources function.
The troubled EdTech firm had missed an August 3 timeline set by its creditors to amend a $1.2 billion term loan. Sources had said the discussions are on and it is progressing well in the right direction and expected to close at the earliest.
