Byju, India’s largest ed-tech giant is known to everyone. It is highly possible that you must have taken the help of the app when you got stuck somewhere while studying. The company which started by providing mathematics workshops, has reached new heights with each passing year to be a multi-national ed tech giant. Recently, news regarding Byju’s layoff is hitting the headlines as employees are asked to resign immediately.
Possibility of loan default by BYJU’s
Reportedly, the multi-national ed tech company refused to pay $40 million of interest on a loan that they raised back in November 2021. Allegedly, the company filed a case in the New York Supreme Court against one of its lenders and the amount to be paid “predatory.”
ADVERTISEMENT
Byju’s is still in negotiation with the lenders to reach a solution. If the court gives a verdict in favour of the lenders, the company will have to immediately pay up the amount of $40 million.
Last year around October, Byju’s reportedly laid off more than 2,500 employees and had a target to achieve profitability by the end of fiscal year 23. Yet the company has not been able to achieve that target.
Former BYJU’s employee was asked to resign immediately even after being available to work 24*7
Recently, Arpit Singh, who was a retention manager at Byju’s in Delhi, took to LinkedIn to share his side of the story and how it affected him. He said that he couldn’t quite figure out his fault in this random situation.
He wrote,
ADVERTISEMENT
“I worked very hard throughout my time in Byju’s and I never followed the 10-8 work culture. I was always available 24×7 for my company but they (the HR) came and told me to resign immediately”
Arpit had been working for Byju’s for almost a year and now being the sole breadwinner in the family, he is skeptical about sharing his layoff news with them. Reportedly he has turned and tried for interviews with other companies and it didn’t work out for him.
Further, he added,
“I lost everything. I can’t dare tell my family that I lost my job about a month ago because they are not in good condition. I am the only one taking care of them”
Read the complete post below
He made a desperate appeal on LinkedIn saying that he is ready to do any job and won’t even ask for leaves. He wrote that he doesn’t have it in him to go through this difficult phase.
ADVERTISEMENT
