Byju’s fired a large number of employees, gave information through phone calls – Bollywood Keeda

Edtech company BYJU’S, which is surrounded by financial crisis, has started layoffs. It is being told that the company has started laying off employees through phone calls. Neither are they being evaluated on the basis of performance nor is the company allowing them to complete their notice period. The company has laid off 100-500 employees in this phase. In the last two years it has laid off 10,000 employees. This is not the first time that such an incident has happened in Byju’s. At the beginning of last month, this online edtech company had closed more than 20 of its regional offices. These were opened in Delhi, Gurugram, Mumbai, Pune, Hyderabad, Chennai and other cities.

While talking to Moneycontrol, BYJU’S spokesperson has confirmed this. The spokesperson said that the company had started the restructuring process in October, 2023 and it is in its final stages. Its purpose is to simplify operations and reduce costs. He further said that due to the legal process, the company is going through difficult times and there is huge pressure on the employees. Let us tell you, in the last months many investors have reduced the rating of the company.

Why is BYJU’S in trouble?

Last year, ED had conducted searches at the company’s founder Byju Raveendran and the company’s premises in Bengaluru. The agency had then claimed that it had found many documents and digital evidence related to violation of laws related to foreign funding. ED had said that BYJU’S has not prepared its financial statements for the financial year 2020-21 and has also not got the mandatory audit of the accounts done. Lookout notice has also been issued against Raveendran.

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