Content area
Byju's was once touted as the world's largest for-profit digital education content provider. To its credit, Byju's was responsible for making quality education accessible and affordable. Its meteoric rise, from a modest startup to an exdlted unicorn status, was fueled by its innovative product offerings, high-octane marketing and faster user acquisition. However, a slew of strategic missteps, unviable acquisitions, financial troubles and serious governance lapses led to its precipitous fall. What followed was a tsunami of layoffs, marred by poor communication, and serious procedural lapses, exposing the gaping holes in Byju's HR practices. This case study runs the whole gamut-tracing the rise and free fall of Byju's, strategic missteps that triggered the crisis and the wave of layoffs unleashed by the company. It offers a cryptic view of how the absence of structured downsizing process and communication blunders can seriously erode employees' trust, company reputation and long-term sustainability. This case study offers a cautionary tale for the new startups navigating the challenges of hyper-growth and expansionist impulses that prioritize scaling up at the altar of people.
Byju's was once touted as the world's largest for-profit digital education content provider. To its credit, Byju's was responsible for making quality education accessible and affordable. Its meteoric rise, from a modest startup to an exdlted unicorn status, was fueled by its innovative product offerings, high-octane marketing and faster user acquisition. However, a slew of strategic missteps, unviable acquisitions, financial troubles and serious governance lapses led to its precipitous fall. What followed was a tsunami of layoffs, marred by poor communication, and serious procedural lapses, exposing the gaping holes in Byju's HR practices. This case study runs the whole gamut-tracing the rise and free fall of Byju's, strategic missteps that triggered the crisis and the wave of layoffs unleashed by the company. It offers a cryptic view of how the absence of structured downsizing process and communication blunders can seriously erode employees' trust, company reputation and long-term sustainability. This case study offers a cautionary tale for the new startups navigating the challenges of hyper-growth and expansionist impulses that prioritize scaling up at the altar of people.
I am not trying to make millions; I am trying to change the way millions think and learn.
- Byju Raveendran, Founder and CEO, Byju's
Introduction
Monday! It was 9.30 a. m. in the morning. Amit Aggarwal was sitting in his cubicle at Byju's Cochin office when his laptop froze. Amit Aggarwal, wondering if it was a technical snag, rebooted. His laptop just blinked. Slack would not load. E-mails returned. His office login portal spewed out a chilling, mind-numbing message "Access denied". An eerie silence hung in the air. No call. No warnings, no official word yet. It was Stephen's big day in the sun. Stephen, a seasoned learning designer, made a compelling presentation to pitch for a cuttingedge curriculum design for one of Byju's sought-after learning tracks. The Google-meet presentation ended with praise and applause from leadership. Before he could pop a champagne, a calendar notification just popped up. The message read: "Exit Interview - 5.00 р. m. today. He thought it was a joke. It was not. HR confirmed it. The terse message said it all. "We are downsizing your verticals. We would appreciate if you would cooperate with exit formalities". Stephen sat there in stony silence, completely astounded. Stephen wondered why he was axed. No performance issue. No feedback, no thank-you message. Stephen packed his bags, while his boss, in the unkindest cut of all, refused to meet him. Sriram Phule has been a consistent performer, picking "Star performer of the month" twice in a row. He would put in 13-15 hours per day chasing his target, even missing the key family gatherings. He has just applied for a home loan from a nationalized bank to purchase an apartment. While completing the loan formalities, the laptop froze. He reached out to IT, then his team leader, and the HR. Stony silence. Three days later, Sriram Phule received a terse impersonal email: "Your service with Byju's stands terminated. We wish you luck for all your future endeavors". Ramachandran, a facility manager, reached the office one day to find the rows of chairs and desks to be empty. "Where is every one," he asked the receptionist. She shrugged her shoulders nonchalantly. They tried to log into the system, but the system dished back the message that read, "Sorry! No access". What rankled him was that there was no message or email from the HR at all. All these are not stray incidents. Tens of hundreds of employees found themselves locked out of their systems. Their phones went mysteriously dead. Team leaders disappeared. HR's number led to duplicitous hell. Byju's dalliance with layoffs is not just a symbolic spread sheet event. They have become emotional gut-punches delivered with clinical precision and brutal corporate indifference. Welcome to the world of layoff mayhem, where expediency trumps loyalty, silence replaces severance packages and exits are not managed but ghosted.
Slicing the Indian Edtech Pie
From the cloistered classrooms to handy smart devices, the medium of education and learning in India has witnessed a tectonic shift. With over 751.5' million wireless Internet users, India has witnessed a massive jump in the addressable base for Internet services. This rapid adoption has positively impacted startups and digital products and services, fostering personalization and convenience in the school curriculum and off-school learning. Edtech is considered as one of the sectors in the world that is galloping at fast clip with the potential to draw in millions of users and make sizeable profits in the future. The edtech market in India witnessed a high-octane growth, fueled by the increasing adoption of technology in various industries. The total pie of the Indian edtech was pegged at $750 mn in 2020, $1.9 bn in 2022," $5.13 bn in 2023,· and is poised to surge to $10.5 bn by 2025, rightfully earning for India the sobriquet of "Edtech Capital of the World". Such stratospheric growth is fueled by significant technological advancements and galloping digitization, huge uptick in online content consumption, and high penetration of Internet and smartphone, collectively navigating the trajectory of the Indian edtech market. A veritable explosion of mobile and online consumption, coupled with digital-first lifestyles, has created a cache of digital users, leading to a rich opportunity to Indian edtech firms. A vibrant mix of educational content comprising textual, visual and video formats finds immediate resonance learning, helping 300 million students' access top-notch education and bridge the gap between rural and urban areas. Per reports, the Indian edtech industry, over the last few years, has witnessed a fund infusion of around $4 bn and is poised for further growth with an estimated amount of $30 bn in the next decade." The recent surge in investment bodes well for the future of the edtech industry in India. This growth has caught the attention of global universities, leading to an increase in their presence in the country. These institutions recognize the immense potential of India's burgeoning edtech sector and its strong technological capabilities, prompting them to forge partnerships and collaborations with local universities and companies. Indian edtech companies are dominated by K12/college, test preparation, upskilling and technology providers. The edtech landscape may not be diametrically different from the global landscape, but there are a few areas where Indian edtech stood out. Indian edtech is leaned towards K12/ college and test preparation in term of funding (>70%). The Indian edtech industry today is dominated by Coursera Inc., Byju's, Chegg, Inc, Blackboard Inc., Edutech, Google LLC, edX Inc., Instructure, Inc., Udacity, Inc., upGrad Education Private Limited, and other key players.
Transforming Education - The Byju's Story
The edtech industry has been growing at a scorching pace in the wake of Covid-19. The shuttering of educational institutions amid the raging Covid-19 pandemic ushered in one of the far-reaching trends in the edtech industry, i.e., distance learning. Much of the learning happened through digital platforms. The demand for online learning platforms perked up when the coaching centers for competitive examinations came up with pretty much similar offerings via live video sessions, mentor feedback, and recorded lectures." At present, there are a little over 5,000 edtech startups functioning in India, straddling across various segments such as online certification, test preparation and enterprise solutions. While all the other sectors witnessed a steep decline during Covid-19, the edtech sector clocked considerable growth. Indian edtech companies managed to receive copious amount of funding and commanded unimaginable valuations. During these tumultuous times, amidst the sea of edtech companies, one that shone brightly as a favorite was Byju's - The Learning App. Cofounded in 2011 by Byju Raveendran and Divya Gokulnath, the company kick-started its platform in 2015. The company, currently boasting an estimated 150 million users" and 85% renewal rates" and a presence in 120 countries," is credited with revolutionizing learning with its interactive programs.
By 2020, the company boasted a remarkable valuation of $22 bn, securing its position as the "most valuable edtech enterprise in the world". The company's primary offering included K-12 (Kinder Garden to 12% Grade), tuition and test prep. It later added, among other things, coding, job skills and lifelong education to its repertoire (Refer to Exhibit 1).·It offered educational content for classes in the form of 15-25 minutes digital animation videos. Developers and teachers trained their focus on making the content engaging, interactive and fun, to make the courses interesting and retain more students. This is what set Byju's apart from the rest to the extent that the average time spent by a student on the app was 71 minutes/day. Byju's also imparted training to students for competitive exams like ITT-JEE, NEET, CAT, IAS and international exams such as GRE and GMAT.·
Byju's ran on a premium business model where students were expected to pay subscription to get unfettered access to the content. Thus, Byju's generated its revenues from paid subscribers. In addition, it also mopped up revenue from API, offline coaching, career counseling, and product sales, including electronic tablets, kits and work books." From a rookie startup to a marquee edtech player, Byju's meteoric rise was a testament to the power of vision, innovation and the pursuit of making quality education accessible to all. Reflecting on Byju's trajectory, it was clear that while it may not have grown in size and sweep, it had certainly ignited a revolution in how we perceived and viewed education. Despite its fantastic start, Byju's faced a slew of challenges as it pirouetted away from its core mission. Instead of delivering high-quality education, Byju's extended its focus to the sale of hardware items. This strategic divergence was accompanied by various instances of shenanigans, including corporate governance failures, unethical accounting practices, mishandling sensitive user information, breaching privacy regulations and indulging in aggressive datamining practices. From a dizzying $22 bn valuation, Byju's today is reduced to a mere $3 bn, registering a steep 86% decline. The question that begs an answer is: "What caused this precipitous free fall?" A combination of factors, both complex and interlinked, have contributed to Byju's existing predicament.
Missteps That Led to Byju's Decline
Byju's trajectory from a leading edutech startup to a company plagued by financial, governance and reputational challenges offers blistering insights for the entire startup ecosystem. It is no one's case that maintaining focus on core values, implementing strong financial management practices, upholding robust governance, prioritizing ethical conduct and nurturing accountable leadership are crucial for the success of any startups. Let us dive into the reasons why a few of the strategic missteps of Byju's had hastened its decline.
Shift in Business Model
Byju's strength lay in its educational service, but a significant shift occurred when it set its sight on selling hardware like tablets and SD cards that came loaded with educational content. Though there is no denying that it was a lucrative move, it diluted Byju's core value proposition and drove customers away. The hardware strategy took the focus away from educational services and raised serious questions about Byju's business priorities. Moreover, this changed focus had led to serious disconnect with its customers seeking quality content.
Financial Slip-Ups
Byju's ran into financial rough water due to aggressive accounting methods, a lack of cash and defaults on loan repayments. lts poor finance misjudgment was laid bare by a flurry of mistakes. It ventured into foreign markets without doing enough research on demand and competition. The company frittered away money on advertisements that failed to resonate. If media reports are to be believed, lavish spending on advertisement has contributed to the financial woes of Byju's. According to Inc42 report, Byju's total expenditure was pegged at 726,100 cr between the years 2016 and 2022. Of this, total advertising cost stood at a whopping 78,029 cr. This is almost 69% of its operating revenue during the said period." Byju's is known to have taken on an unfettered and aggressive gambit toward its marketing spends. The company brought on board brand ambassadors like Bollywood star Shahrukh Khan and football star Lionel Messi. The company also partnered International Cricket Council (ICC), the Board for Control of Cricket in India (BCCI) and the Federation Internationale de Football Association (FIFA). In its bid to control the expenditure, Byju's did not renew these partnerships or association with brand ambassadors.· Instead of conducting detailed cost-benefit analysis, Byju's focused on strategic alignment and brand visibility. This gambit will pay off if the goal is to gain brand awareness and credibility. Bereft of cost-benefit analysis, there is a risk of overcommitting resources to partnerships that may not yield the desired returns. More often, bad financial choices dent revenues and raise debt. This overspending negatively hurt their cash flow and operational expenditures and left Byju's scrambling to fund research and development projects. Byju's financial palette does not look healthy either. The company failed to report its FY 23 results on time. However, the FY22 financial statements indicate a surge in revenues from operations. It suggests that its revenues from operations surged to 75,015 cr in FY22 from 72,280 in FY21. However, its losses spiked to 78,245 cr in FY22 xi On the revenue front, the sale of education products, including video lectures recorded in SD cards and tablets, accounted for 57% of the total revenue, amounting to 72,901 cr in FY22. Byju's expenditure grew 84.1% to 74,143 cr in FY22. Byju's procurement of study material and employee benefits also spiked to 54.3% and 82.8%, respectively, during FY22. Aside from that, Byju's teacher fees, commissions, travel, legal, IT and other expenses also spiked, taking the total burn-up by 94.51% to 713,668 cr in FY22, as against 7,027 cr in FY21. The twofold increase in the total cost led to an 80.65% spike in its losses to 8,245 cr in FY22, as against 74,564 cr in FY21 (Refer to Exhibit II) .··
Byju's Acquisition Frenzy
Between 2017 and 2021, Byju's went on a shopping binge, acquiring as much as 17 startups, spending little over $3 bn on these acquisitions.·Some of its well-known acquisitions included Great Learning Private Ltd., Epic, Aakash Educational Services Ltd, White Hat Jr., Osmo, Tutor Vista, Labin App, Scholr, Whodat, Tynker, to name a few (Refer to Exhibit III).
In 2017, the rationale behind these acquisitions was aimed at diversifying product offerings, storming new markets and sharpening technological capacities. However, by 2021, the focus had shifted entirely to acquisitions. A report alleged that some of these acquisitions were purely a ploy to deflect attention from parlous financials and investors' eroding trust in the company. While Byju's seemed all set, many things went awry with these acquisitions. The company needed an extra-long runway to integrate these companies seamlessly. There is no denying the fact that acquired companies come with their own baggage of challenges and liabilities. The promised synergies may not crystallize soon enough to have a positive knock-on effect on the business, resulting in continued financial stress. The company's loss to the tune of 78,245 cr in FY22 pointed to the pitfall of such unfettered expansionist strategy.
Corporate Governance Issues
Byju's Raveendran, once hailed as the poster boy of India's startup universe, is now a harried man. His valuation, which skyrocketed to $22 bn in 2022, is reduced to less than $2 bn. The cratering of Byju's offers a terse lesson for India's corporate sector as a whole. The Byju's fiasco has "corporate misgovernance" written all over it. Investors alleged opacity which resulted in the exit of auditing major Deloitte. The situation came to a head in January 2024 when shareholders, led by Netherlands-based Prosus, called for an extraordinary general meeting, seeking the removal of CEO Byju Raveendran. They were further pushing for the complete withdrawal of the family from the company, even as the founder was fighting an uphill task to continue as CEO. Meanwhile, a slew of complaints of mismanagement forced hearings by the National Company Law tribunal. Additionally, the Ministry of Corporate Affairs launched its own probe into the company's matters. The Ministry of Corporate Affairs (MCA) exposed the deep rot within the corporate governance framework." Byju's aggressive acquisition strategy had cast a shadow on prudent financial planning and integration processes. This "Growth-shall-come-at all-cost" could have bred inefficiencies and hidden financial burden. The MCA probe also raised serious concerns about Byju's opaque acquisition practices. The company allegedly hid crucial details of acquisition from the board, thereby hampering proper oversight and raising serious concerns about the potential conflict of interest. The resignation of nominee directors from the board, citing a severe lack of transparency and exclusion from the crucial financial decisions, exposed the extent to which the system of checks and balances in the corporate governance structure was compromised.
Layoffs: The Negative Fallout of Strategic Overreach and Governance Lapses
The combination of all these strategic missteps-the shift in core offering, financial bungling, unfettered acquisitions, and glaring governance lapses-resulted in trust deficit among investors, skyrocketing operational costs and dented consumer confidence. As financial pressures mounted and investors' patience disappeared, Byju's found itself smack in the middle of downsizing and restructuring efforts. The most obvious, time-tested and human cost of the decisions came in the form of large-scale layoffs, marking a blip in the company's otherwise fast-paced evolution. What followed was a flurry of big ticket workforce layoffs, leading to aggressive cost-cutting and restructuring efforts, coupled with a shift towards a leaner operational model.
A Timeline of Workforce Cut at Byju's
Byju's was grappling with major financial and operational challenges. To overcome these challenges and position itself for the next phase of growth, the company resorted to several rounds of layoffs. These layoffs appeared to be a strategic move to overhaul operations, improve financial standing and refocus on core business areas following a heady spurt of rapid expansion (Refer to Exhibit IV). The timeline below outlines the several rounds of layoffs, their underlying reasons, and the departments impacted.
Initial Layoff Announcement
Date: October 2022
Details: Byju's announced significant workforce cutbacks as part of its restructuring effort.
Reason: Layoffs were ascribed to the company's need to streamline operations, improve profitability, and recalibrate core business areas after rapid expansion.
Number of Employees Affected: Approximately 2,500
Departments Impacted: Product, content, media, and technology departments were hit the hardest.
Second Layoffs
Date: February 2023
Details: Byju's kick-started a second wave of layoffs to consolidate its workforce, prune costs and focus on profitability.
Number of Employees Affected: Approximately 1,500
Reason: On the face of it, Byju's maintained that the current wave of layoffs were a part of cost-optimization efforts. But the real reason for the layoffs was: Byju's allegedly decided to outsource functions such as operations, logistics, customer service, engineering, sales, marketing, and communications.
Departments Impacted: Employees in the design, engineering, and production verticals were hit the hardest in the second cycle of layoffs.
Third Round of Layoffs
Layoffs in the Wake of Financial Troubles
Date: June 2023
Details: After facing relentless pressure from investors to achieve profitability, Byju's announced the next round of layoffs as part of a broader restructuring plan.
Reason: Byju's resorted to third round of layoffs to consolidate its workforce, prune costs and focus on profitability.
Number of Employees Affected: Approximately 1,000.
Departments Impacted: Employees hired on a contractual basis, especially the on-ground sales teams were impacted. Aside from that, marketing executives who were on third-party pay rolls of companies like Channel Play and Randstad were also affected."
Fourth Round of Layoffs
Date: August 21,2023=vi
Details: The layoffs were due to a financial crunch and legal disputes with investors.
Number of Employees Affected: Approximately 400.
Departments Impacted: Employees in mentoring and product expert divisions, sales and marketing, and some tuition centers.
The Shocking Truths Behind Byju's Layoffs - What You Didn't Know
The reasons behind Byju's layoffs were too complex and varied. The reasons for Byju's layoffs can be attributed to a combination of factors.
Mounting Financial Troubles
In 2023, Byju's faced huge financial challenges which led to a sharp decline in its valuation. The demand for online education which peaked during the pandemic, began to sputter, exacerbated further by intense competition in Edtech Space. Byju's problems further deepened in April 2023 when the Enforcement Directorate (ED) raided three of its offices under the Foreign Exchange Management Act (FEMA), serving a violation notice worth 9,362.35 cri Legal troubles began to mount when US-based investment firm Redwood slapped a lawsuit against Byju's inability to fulfill its loan obligations. Redwood, had given a $1.2 bn loan in November 2021, but Byju's failed to pay the quarterly interest payment of 7330 cr. In return, Byju's filed a counter-suit challenging the acceleration repayment demand brought on by the lenders. In November 2023, the US court ruled in favor of the lender, permitting them to appoint a director to monitor Byju's special purpose vehicle (SPV). Stung by the increasing pressure from lenders, Byju's had to further reduce its valuation. Byju's is now intending to mop up $200 mn at a significantly lower valuation of $250 mn.
Restructuring
Byju's current restructuring efforts, branded as "Byju's 3.0" transformation, is closely tied to sizeable reduction in its workforce through layoffs. This restructuring is primed to create a more efficient organization structure by consolidating divisions, re-jigging roles and reducing costs, which has resulted in largescale layoffs and shift in the company's approach to staffing. These restructuring efforts are the proximate reasons for the recent wave of layoffs that impacted the higher-paid employees. The primary driver of workforce reduction is Byju's financial constraints. The company is scrambling to cut down its expenses significantly. As a part of its cost-cutting drive, Byju's had pruned its workforce from 50,000 employees in 2021 to just around 5,000. Amid concerns of further layoffs for those earning 76 lakh per year and above, roles in academics, sales, and customer service are seeing salary offers halved from the previous 8-12 lakh range. The company continues to hire fresh graduates or individuals with 1-2 years of experience to ensure operational continuity.· Byju's is also consolidating various divisions, which obviously will lead to role redundancies.
Post-Pandemic Shift
Byju's, once a storied company, has been beset by a host of challenges in the recent past, mostly layoffs. One of the reasons for this is linked to the post-pandemic return to normalcy. During the Covid-19 pandemic, online education witnessed a huge surge in the uptake of digital platforms for learning. However, as schools and colleges harked back to in-person classes, the demand for online learning platforms like Byju's began to plateau.® The return to traditional learning methods has adversely impacted Byju's revenue streams, forcing the company to re-evaluate its workforce needs. As a result, layoffs have happened in response to rigorous cost-cutting measures and restructuring efforts aimed at aligning with Byju's current market realities.
Business Strategy Re-Imagined
Byju's, in recent times, has been pivoting towards more sustainable and profitable models such as targeting K-12 and competitive segments. This shift in the business strategy drove the company to realign its business model that is geared towards supporting new priorities leading to layoffs. Byju's prioritized new consumers, while markedly failing to engage and retain existing ones. Byju's aimed to woo new users with pricey marketing, but clearly failed to keep the existing users satisfied and forge a long-term relationship.
Poor Customer Retention and Revenue Instability
Byju's splurged a fortune acquiring new customers through costly marketing campaigns. In its eagerness to woo new customers, the company neglected its existing customers, resulting in huge churn rates. High customer acquisition costs, coupled with operational efficiencies, exerted pressure on m argins.xxxii As a result, the company witnessed a precipitous decline in customer lifetime value, leading to revenue instability. Revenue instability forced Byju's top management to make some difficult decisions about its staff, thereby resulting in layoffs in departments, such as customer service, retention teams, or product teams that were not aligned with the customer engagement activities.
High Marketing Spend, Poor Retention
The company went all out spending money lavishly on its marketing in its bid to attract new customers, but the gambit proved to be a drag on the company's stretched financial resources. Without a long-term retention plan or charting out a clear pathway to profitability, these marketing spends failed to deliver a robust ROI.xxxiii This mindless marketing spending exacerbated the financial troubles, forcing Byju's to relook at its cost structure. Layoffs became the direct consequence of the dire need to reduce costs.
Reduction of Divisions and Roles
Byju's has been making concerted efforts to consolidate various divisions, which naturally resulted in role redundancies. As the company clings on to the essential operations, many positions in middle management and support functions are being obliterated. The company's CEO, Raveendran, in a fervent appeal to his employees, noted that the sacking of employees was done "to avoid role duplication across business". He further noted that the layoffdecision, done with a heavy heart, was effected to protect the health of the larger organization and respond to the constraints imposed by the external macroeconomic conditions.xxxiv The layoffs were purportedly an attempt to simplify the structure and cut down on roles that were considered redundant.
Byju's Communication Missteps - How the LayoffMessage Was Delivered Internal Communication
The layoffs at Byju's were communicated in several ways that included internal memos, public statement and press releases. These layoffs, which happened in several rounds across 2022, 2023 and 2024, managed to attract intense media attention and scrutiny due to Byju's eye-dropping valuation and the winter of global retrenchment in the tech sector.
Memos to Employees
Byju's management communicated the layoffs to employees through internal emails. These were sent out by Byju's senior executives or human resources, outlining the reasons behind the layoffs. Byju's relied on internal email to make sure the employees were able to understand the rationale, which included the need to overhaul the operations, cut costs, focus on profits and realign the workforce in the face of fast expansion. Byju's sacked 5% of its total workforce, citing job redundancy and duplication in roles. In an email to employees, founder-cum-CEO, Byju Raveendran sought forgiveness from the axed employees, but added that the macroeconomic conditions forced the company to take the extreme decision. Defending the layoffs, he wrote further, "Our business has substantial economies of scale and unit economics which can help achieve our mandate. However, our fast organic and inorganic growth has ushered in some redundancies, duplications and inefficiencies which calls for rationalization".xxxv While layoffacross technology company is not unusual, Byju's, reports in the media alleged, was cutting more jobs to save costs. It has been revealed that the edtech major laid offemployees through email without even serving a notice period. Moneycontrol.com accessed the internal mail sent to employees by the HR that read, "This is to confirm that your last working day with Think and Learn Pvt Ltd., the company that owns Byju's will be March 31, 2024. Your full and final settlement will be done as per the exit policy. Please hand over all the assets and proprietary information of the company that are in your possession to enable processing your full and final settlement. In case of any queries on exit formalities, please contact [email protected]."xxxvi In return, the company promised employees a severance package equal to two months' pay.xxxvii
Face-to-Face Meetings
In some cases, the layoffs were communicated to employees through one-on-one meetings with HR or senior leaders in the meetings held at Byju's headquarters; alarmingly, the impacted workers were informed that the same day would be their last day at the company without any prior warning.xxxviii In the wake of the discussions, reports revealed that the employees were pressured to submit voluntary resignations on the official HR Portal and surrender their official ID cards, and their email accounts were swiftly blocked.
Personalized Calls
In some instances, the fired employees were told over phone calls by their HR representatives of their ouster without even serving a notice or providing personal improvement plan.xxxix
External Communication
Press Releases
Byju's issued press releases that outlined the rationale for the layoffs. The statements reiterated the company's efforts to streamline operations and focus on growth. The layoffs were framed as a part of larger exercise to improve operational efficiency and prune down the costs in the background of growing competition in the edtech space. Here are a few instances where Byju's issued public statements:
2022 and 2023 Job Cuts: Byju's announced a major layoffs in 2022 which affected thousands of employees. For its part, the company attributed its job cuts to the ongoing market challenges. Byju's explained the layoffs as a part of major restructuring exercise aimed at improving operational efficiency and concentrating on core areas. In the summer of 2024, when Byju's laid off employees, the spokesman issued a statement saying, "We are inching closer to the restructuring process that got underway in October 2023 to streamline operations, cut costs and improve cash flow. The company is going through extraordinary times due to an ongoing litigation, causing stress to both the employees and the ecosystem itself"?
CEO's Statements: Byju's Raveendran, the CEO, went to the press about the layoffs, talking at length about the difficult decisions the company had to make. In some of these statements, he harangued on the need for rationalization and cost-cutting measures, citing the slowdown in the edtech sector due to reduced funding, slower than expected growth projections, and dull market conditions in 2022 and 2023.
Media Reports: Aside from the press release, Byju's reached out to media outlets through a slew of interviews and public addresses to arrest the negative fallout. For instance, the company reiterated how it was restructuring its operations in tandem with changing business priorities, like concentrating on core educational products and defocusing its non-core ope rations.
Social Media: Byju's did not appear to have used social media platforms to communicate during the tumultuous phase of layoffs. Instead, the company preferred to issue press releases and use formal media interviews. However, employees impacted by the layoffs and industry watchers took to platforms like LinkedIn and X, voicing their views vociferously, adding further layers to the discourse surrounding the layoffs.
Employee Backlash Erupts: How the Media Coverage Amplified the Simmering Storms
Admittedly, employees expressed their frustration over the sudden and abrupt nature of the layoffs, compounded further by a marked lack of transparency or communication from the top executives. Employees, affected by the layoffs, took to social media platforms sharing their bad experiences, which included complaints about inadequate severance packages, rushed exit processes, and open frustration about how the layoffs were handled.
Challenges Galore in the Layoff Process
Some employees complained that HR executives were rude and brusque when delivering the news of their termination. In one instance, the company's HR executives fired the employees over phone call, followed it by a cold and impersonal mail. Others have described the layoff process as abrupt and uncomfortable. Exit process, the employees claimed, were rushed through. One employee described their experience as follows: Employees got a call from HR executive and were told that 'today is your last working day', followed by an email. Employees are complaining that the HR executives didn't behave wel 1? It was reported that in addition to carrying out layoffs via phone calls, Byju's dispensed with the services of employees without putting them on a performance improvement plan or serving the mandatory notice. When questioned about the reasons for the sudden layoffs, HR executives pointed to the company's poor financial condition. xlii
A laid-offemployee took to LinkedIn to share that he was asked to resign rightaway by the HR executive despite his putting in work 24X7. Arpit Singh, a former retention manager at Byju's in Delhi, expressed distress and confusion about the reasons for his termination. In a LinkedIn post that has since gone viral, he shared his experience stating that despite working long hours and being available 24X7 to the company, he was asked by HR manager to step down immediately. Singh contended that he was always committed to his role, though he was still not able to understand what led to his termination.xliii
No Performance Improvement Plan
As Byju's faced intense scrutiny over its internal management practices, several employees reported facing abrupt unexplained ouster without clear communication or particular support mechanisms. In an interview with MoneyControl, an employee expressed his utter dissatisfaction: "Neither the mail nor the call provided any clue regarding the timeline for getting my dues, nor was there any convincing explanation for why I was being laid offwithout being given a performance improvement plan. Isn't performance improvement plan supposed to be a standard procedure in companies for addressing performance-related concerns?"xliv
Salary Troubles
Byju's came under fire for causing delay in salary payments to employees. Many employees have reported delay in salary disbursements and there have been complaints about lack of clear communication from the company about the reasons for these delays. Employees were informed on April 1, 2024 that their March salaries would be delayed due to actions of warring investors that impeded the use of funds through rights issue.xlv Several former employees alleged that they had not received their salaries for several months before they exited the company. Employees complained that the company still owed them the dues, including gratuity payments.xlvi In a related development, the National Company Law Tribunal instructed Byju's to pay its employees' salaries regardless of the company's ability to access funds raised through rights issue. The tribunal warned that the failure to comply with its diktat would lead to an audit by the Institute of Chartered Accountants of India (ICAI), highlighting the severity of the situation for the edtech major.xlvii Over 2000 disgruntled former employees of Byju's have joined forces to fight for their due rights. Several among them are contemplating flagging the issue to the NCLT in Bengaluru for the final settlement of their dues.xlviii
Delay in Final Separation Settlement
Byju's ex-employees alleged that there was a considerable delay in meeting the deadline for final and full settlement of the separation package. A former Byju's employee took to social media platform writing, "I have not received my full and final (FNF) settlement within the specified 45 days, and it has been almost three months since I have received any proper resolve from separation team or FNF team."xlix
Impact of the Layoffs on Byju's Employees
Delayed Salaries
Employees have witnessed delay in the salary disbursement amidst the growing financial troubles. Byju's financial crunch has delayed salaries, leaving many in acute distress. A laid offemployee created a WhatsApp group and used Google Forms to document outstanding dues. Reportedly, Byju's owed 5.17 cr to nearly 400 people.l Byju's, battling liquidity crunch and pending lender payments, claimed to have initiated the salary settlement process for those who were given the marching orders. However, several employees the media spoke to, were skeptical and said they had not received any definitive confirmation on this.li With officials at Byju's reportedly inaccessible, some former employees took to social media platforms to give vent to their frustration. One employee bemoaned, "My last working day at Byju's was October 8 (2023). Four months since my departure, the final payment is still not settled. And there has been little or no communication at all".lii
Emotional and Mental Issues
Byju's multiple waves of layoffs have lefta trail of emotional and mental distress, with employees struggling to recover from the precipitous decline of once-promising tech company. A heart wrenching, tearful video shared by a Byju's employee, allegedly marked offfor termination, has sparked concerns about the company's HR practices and treatment of its staff. In the video, the employee alleged that Byju's is mounting pressure on her to resign, lest her salary will be withheld.liii The said employee, working as an academic specialist at Byju's, alleged in the video, "I am the sole bread winner of the family. Byju's has not paid my variables and the encashment of my earned leaves. They are pressurizing me to resign right away. How will I survive if they do not disburse my salary?"liv Such allegations highlighted the challenges and concerns employees confront in the face of downsizing or restructuring exercise. Companies must handle such situations with candid communication, transparency, frankness and empathy. The situation described by the employee above is profoundly concerning and highlights the emotional toll terminations can have on employees. The situation also raises serious concerns about Byju's approach to handling layoffs and the potential ramifications it has on the wellbeing of the workforce.
Diminished Morale
Employee morale at Byju's has plunged to a new low, if reports in the media are any indication. Fresh troubles at the beleaguered Byju's have escalated concerns amongst employees who are already staring at a bleak future, with several rounds of layoffs already well underway. A senior manager, not willing to identify, alleged in the media, "Morale has hit rock bottom. Practically, every person has a job portal open on their laptop and scouting for opportunities. Employees want to leave so badly before they were put on the chopping block".lv
Job Market Challenges
Employees laid offby Byju's have faced difficulty securing new jobs, especially within the shrinking edtech sector. HR consultants working with startups have reported a sharp uptick in resumes from Byju's employees as they fear being put on the firing line and are seeking out fresh opportunities. Growth 360, a firm specializing in startup recruitments, is flooded with resumes from Byju's employees for practically every position they advertise. This sudden surge in job seekers from Byju's has unleashed a new set of challenges in the job market. Byju's previous high compensation has led to unrealistic expectations and saturation of the market."
Byju's Layoff Management Scorecard
Byju's action and best practices are shown in the matrix depicted in Exhibit V.
Lack of Transparency and Candid Communication
Best Practice: Honest and transparent communication about financial troubles and the reasons for layoffs can reduce the resentment and anxiety among employees.
Byju's Failure: Byju's failed to communicate the layoffs transparently, more often reaching out to employees suddenly through impersonal emails or phone calls. Since the company feared emails finding their way into social media platforms, employees were laid off over WhatsApp calls." Many employees were blindsided by the suddenness and the abruptness of the termination without previous warnings, extensive explanations or opportunities for constructive dialog. This apparent lack of transparency led to severe outcry and frustration on social media platforms, further causing reputational damage.
Lack of Formal and Fair Procedures
Best Practices: A process that is structured, unbiased and objective, based on performance, skills or tenure, should inform the layoffexercise. Define the layoffcriteria well so that there is sense of fairness and employees' grievances are contained.
Byju's Failure: The layoffs at Byju's were arbitrary with no formal procedural rollout. Employees were laid offwithout a formal structured process like performance improvement plan, notice period or due consideration of their skill sets or contributions. It was not based on performance or key area responsibilities.lviii In some instances, employees were not given a reason for letting them go from the company. This seemingly lack of procedural justice rendered layoffs at Byju's biased and unfair, leading to disenchantment amongst both the survivors and those laid off.
Provide Support to the Employees
Best Practices: Provide employees support services such as severance packages, career counseling and job placement assistance to navigate the transition period.
Byju's Failure: It was reported that there were instances of delayed severance payments, missed settlement deadlines and lack of post-layoffsupport. There were also reports in the media alleging that Byju's failed to meet the deadline for full or final settlement, causing heartburns amongst the sacked employees. Reports suggested that employees not getting their salaries for months exacerbated their financial distress. The lack of post-layoffsupport heightened the uncertainty and difficulties of the aggrieved employees, reinforcing the negative perception of Byju's.
Ethical and Psychological Contracts in Tatters
Best Practice: Developing trust by adhering to fair employment practices and respecting implicit job security expectations are paramount.
Byju's Failure: Employees who were committed to the company felt terribly let down by Byju's abject failure to honor the psychological contracts. Scores of employees dedicated themselves to the cause of the company and worked staggering hours, only to be sacked without following any due process. This gross violation of the contract undermined trust not only among those laid offbut also among the survivors, who apprehended similar treatment in the foreseeable future.
Negative Fallout on Survivors and Upholding Organizational Justice
Best Practice: Fair layoffs can help maintain trust among survivors and preserve engagement.
Byju's Failure: Employees' morale hit rock bottom owing to the suddenness of the layoffs, lack of due process and procedure, and perceived unfairness of it all. Employees who survived the multiple waves of layoffs were haunted by the scourge of job uncertainty and looked for alternative employment. Survivors questioned their job security, and many actively sought alternative employment. Organizational justice stood heavily compromised, further undermining employee loyalty and productivity.
A summary matrix showing application of HR theories to Byjus matrix is shown in Exhibit VI.
Byju's Violation of Psychological Contact Theory
Psychological contract, often described as an unwritten expectation between employer and employee regarding job security, just treatment and career advancement, is consequential to employment. When this contract is violated by the employer, it leads to trust deficit and disengagement. Employees at Byju's were caught unawares when the company announced layoffs. Employees were dismissed at a short notice. The sudden and abrupt nature of terminations violated the spirit of psychosocial contract, leading to trust deficit and a sense of betrayal. As a result, employees' morale nosedived, potentiating widespread disengagement among survivors and flak from public on the social media platforms. Implicit in the experience is the lesson that organizations must safeguard employees' trust by ensuring transparency in layoffs, fair severance packages and dignified treatment.
Organizational Justice Theory and Byju's Inept Handling of Layoffs
Organizational Justice Theory postulates that employees examine fairness in three ways, namely, Distributive Justice (Fairness of outcome-Who gets fired?), Procedural Justice (Fairness of the process-On what basis, employees were laid off?), and Interactional Justice (Fairness in communication and treatment-Were employees accorded the dignity they deserve?). Needless to say, Byju's failed on all three fronts. Byju's undermined distributive justice by making layoffs seem random. In many cases, high-performing workers were given marching orders, while people with lesser experience survived the layoffmayhem. Byju's is also being slammed for its failure to use a fair, unbiased and transparent layoffprocess. Employees were terminated over a call and at a short notice. Employees were not handed out performance reviews or improvement plan or, even worse, a chance to relocate within the company. These moves smack of outrageous failure in upholding procedural justice. Employees were informed about their impending layoffs through abrupt cold emails or WhatsApp calls. In some cases, HR exerted pressure on employees to resign immediately, offering very little or no emotional or financial succor. To make matters worse, payment of salaries and severance benefits were delayed, causing further heartburn amongst employees. This seeming lack of fairness and objectivity had sparked offdeep resentment, with a flurry of employee complaints and intense bad media publicity further denting Byju's brand. Byju's inept handling of the layofffiasco has a lesson for other companies. Establishing well-defined criteria for layoffs, putting out a candid and transparent communication and according dignified treatment to the employees can neutralize bad press and salvage the company's reputation during layoffs.
Equity Theory and Unfettered Employee Dissatisfaction at Byju's During Layoffs
Equity Theory posits that employees evaluate their input (skills and efforts) to their output (salary, job security and career progression) relative to others. When they perceive unjust and unfair treatment, they are more likely to experience dissatisfaction. In the case of Byju's, the survivors saw their own colleagues being shown the door arbitrarily, fueling fear, trust deficit and resentment. Survivors were groaning under the weight of more work without resources and the rewards were not commensurate. One of the survivors complained, "Workdays had started becoming more grueling, shifttime being extended, work breaks shorter and tough. Slowly, micromanagement crept in".lix While the survivors may feel immensely relieved for clinging onto their jobs, this is obscured by an overwhelming sense of guilt, grief and anxiety. These feelings can fuel reduced motivation and hamper productivity. Byju's dalliance with layoffs serves as a cautionary note to companies that intend to downsize their workforce. Layoffs must be seen as fair and unbiased, with well-spelt-out criteria and legitimate reasons to possibly avoid any equity imbalances.
In sum, Byju's abject failure to implement best practices in managing layoffs has undermined employees' morale and affected its brand reputation. Be it upholding procedural fairness, establishing transparent communication or providing employee support, Byju's faltered every step of the way. Other companies can learn invaluable lessons from Byju's layoffmistakes by prioritizing open communication, procedural fairness, ethical governance and employee support.
Conclusion
The fall of Byju's-from being the poster boy of edutech sector to facing a near financial ruin, coupled with serious governance issues-was as precipitous as its meteoric rise. The quick rise and fall of Byju's serve as a cautionary tale for all the startups. Its dramatic rise was propelled by innovation and unfettered expansion, but a series of strategic missteps, reckless acquisition and gaping governance failures led to its dramatic decline. Following the decline of Byju's, wracked as it was by acute financial troubles, legal travails, and employee layoffs, questions are now being raised about the sustainability and viability of edtech startups. Byju's saga offers an invaluable story for the entire edtech industry. Though Byju's stratospheric rise exemplifies the power of vision and innovation, its dramatic reversal of fortune highlights the need for recalibrations, back-to-basics approach and a relentless pursuit of innovation that enhances the educational experience. Rapid growth and innovation are very important. Equally important is the need to prioritize sustainable practices, ethics, financial discipline and user-driven business models.
Byju's failure to roll out best practices in managing layoffs, more so in the areas of transparency, candid communication, procedural fairness and employee support, has adversely dented its image and the employee morale. Other edutech companies should learn from Byju's mistakes by prioritizing transparency, clear communication, ethical governance practices and due layoffprocess. If Byju's wants to recover from its singed past and reclaim its lost glory, it must restore trust among its employees, follow transparent policies, and deliver high-quality educational services rather than chasing short-term gains. The company's future depends on its willingness to admit its past mistakes, do some soul-searching and course correct before it is reduced to a shadow of its former self.
End Notes
iKemp, S. (2024, January 31). Digital 2024: India. datare portal. com/reports/digital-2024-indiaDataReportal. https://
iiitalics. (2024, January 12). EdTech landscape in India: A comprehensive overview. Medium. https://mediumxom/(g italics/edtech-landscape-in-india-a-comprehensive-overview-206e2e03flc9
iiiGlobalData. (2024). India EdTech market summary, competitive analysis and forecast to 2028. Global Data, https://www.globaldata.com/store/report/india-edtech-market-analysis//
ivInvest India. (2022, February 4). India's EdTech revolution: A global leader in the making, https://www.investindia.gov.in/team-india-blogs/indias-edtech-revolution-global-leader-making
vInvest India. (2022, February 4). India's EdTech revolution: A global leader in the making. https://www.investindia.gov.in/team-india-blogs/indias-edtech-revoIution-global-leader-making
viD-Street, SRCC. (2023, March 15). The meteoric rise of BYJU's in India. D-Street, SRCC. https://dstreetsrcc.com/the-meteoric'rise'of'byjus'in'india/
viiStatista. (n.d.). Byju's- top facts. Statista. https://www.statista.com/topics/11517/byju' s/#topFacts
viiiChhabra, T. (2022, February 28). Byju's business model How does Byju's make money? Feedough. https://www.feedough.coni/byjuS'businesS'model'how'doeS'byjus-make'money/
IXFincash. (2025, April 30). Byju's: The rise and fall of an edtech giant, https:// www.fincash.com/1/byjus
XStatista. (n.d.). Byju's. https://www.statista.eom/topics/l 1517/byju-s/#topicOverview
ixChhabra, T (2022, February 28). Byjus business model How does Byju's make money? Feedough. https.V/www.feedough.com/byjuS'businesS'model'how'doeS'byjuS' make-money/
xiiNandini. (2022, September 12). BYJU'S success story - The journey of India's first ed- tech unicorn. Tvisha Technologies, https://www.tvisha.com/blog/byjus-success-story
xiiiFoundr Magazine, (n.d.). Reasons behind Byju's downfall: From $22 billion to less than $3 billion, https://foundrmagazine.in/reasons-behind-byjus-downfall/
xiv Sil, D. (2024, January 29). BYJU'S FY16-FY22: Incurred total losses of INR 13,000 Cr, splurged INR 8,000 Cr on ads. Inc42. https://inc42.com/buzz/byjus-fyl6-fy22-incurred- total-losses -of-inr-13000-cr-splurged-inr-8000-cr-on-ads/
xv Chacko, B. (2024, February 29). Has BYJU's big marketing spends contributed to its current crisis? afaqs. https://www.afaqs.com/news/mktg/have-byjus-big-marketing-spends-contributed-to-its-current-crisis
xvi Manchanda, K., &. Upadhyay, H. (2024, January 23). Byju's posts Rs 5,015 Cr revenue and Rs 8,245 Cr loss in FY22. Entrackr. https://entrackr.com/2024/01/byjus-posts-rs-5015-cr-revenue-and-rs-8245-cr-loss-in-fy22/
xvii Manchanda, K., & Upadhyay, H. (2024, January 23). Byju's ] and Rs 8,245 Cr loss in FY22. Entrackr. https://entrackr.cc 5015-cr-revenue-and-rs-8245-cr-loss-in-fy22/posts Rs 5,015 Cr revenue im/2024/01/byjus-posts-rs-
xviu Anupam, S. (2024, February 23). BYJU's acquisition spree: Inc42. https://inc42.com/features/byjus-acquisition-spree-aA costly, deadly gamble, -costly-deadly-gamble/
xix Anupam, S. (2024, February 23). BYJU's acquisition spree: Inc42. https://inc42.com/features/byjus-acquisition-spree-aA costly, deadly gamble, -costly-deadly-gamble/
xx Verma, S. (2024, July 1). How corporate governance issues led BYJU's fall? A lesson for startups. TICE News, https://www.tice.news/tice-trending/corporate-governance-issues-that-led-byjus-fall-a-lesson-for-startups-4788038
xxi Times of India. (2022, October 14). Byju's cuts 2,500 jobs: of technology and more that the company execs said on jobConsolidation, better use cuts. https://timesofindia.indiatimes.com/gadgets-news/byjus-cuts-2500-job-consolidation-better-use-of- technology-and-more- that- the -company- execs- said- on-job-cuts/articleshow/ 94848250.cmsT
xx,i Times of India. (2023, February 3). Byju's continues to cut jobs, 1,500 employees laid off. https://timesofindia.indiatimes.com/business/india-business/byjus-continues-to- cut-jobs-1500-employees-laid-off/articleshow/975 79762.cms
xxii Hindustan Times. (2023, February 3). Byju's lays off1,500 employees, cites cost optimisation and outsourcing of operations, https://www.hindustantimes.com/business/ byj us-lays-off-1-5 00-employees-cites-cost-opt imisation-and-outsourcing-of- operations-101675396326820.html
xx,v Garg, A. (2023, June 9). Byju's is said to fire 1,000 more employees to cut costs. India Today, https://www.indiatoday.in/technology/news/story/byjus-is-said-to-fire-1000- more-employees-to-cut-costs-2390828-2023-06-09
xxv Srivastava, S., & Khan, A. (2023, September 21). Byju's saga: Top-level exits, layoffs, legal battles and financial crunch. People Matters, https://www.peoplematters.in/news/strategic- hr/byjus-layoff-100-employees-kicked-out-from-mentoring-product-functions-38762
xxvi Sinha, V. (2024, February 3). Byju's crisis explained: Why edtech firm, once valued at $22 bn, is witnessing financial downfall. Hindustan Times, https:// www.hindustantimes.com/business/byjus-crisis-explained-why-edtech-firm-once- valued-at-22-bn-is-witnessing-financial-downfall-101706932540103.htm
xxvii Sinha, V. (2024, February 3). Byju's crisis explained: Why edtech firm, once valued at $22 bn, is witnessing financial downfall. Hindustan Times, https:// www.hindustantimes.com/business/byj us-crisis-explained'why-edtech-firm-once- valued-at-22-bn-is-witnessing-financial-downfall-101706932540103.htm
xxviii Singh, a, (2024, May 15). Will Byju's restructuring exercise help it get back into the ed-tech market? The Week, https://www.theweek.in/news/biz-tech/2024/05/15/business- will-byju-s-restructuring-exercise-help-it-get-back-into-the-ed-tech-market.html
xxix Li, C, &Lalani, F. (2020, April 29). The COVID-19 pandemic has changed education forever. This is how. World Economic Forum, https://www.weforum.org/stories/2020/04/ corona virus-education-global-covidl9-online -digital- learning/
xxx Awasthi, V. (2024, August 23). Case study: The rise and fall of Byju's - A product life cycle perspective. Medium. https://medium.eom/@ vikas.awasthi05/case-study- the-rise-and-fall-of-byjus-a-product-life-cycle-perspective-4f3b8b8b8b8b
xxxi Chacko, B. (2024, February 29). Has BYJU's big marketing spends contributed to its current crisis? afaqs!. https://www.afaqs.com/news/mktg/have-byjus-big-marketing- spends-contributed-to-its-current-crisis
xxxii ppL (2022, October 31). Byju's CEO says job cuts necessitated due to macro economic developments. The Times of India. https://timesofindia.indiatimes.com/byjus-ceo-says-job-cuts-necessitated-due-to-macroeconomic-articleshow/95 209660. cms-developments/
xxxiii Springhouse. (2022, November 9). Twitter, Meta, and Byju's: The massive tech layoffbloodbath. Springhouse Coworking. https://springhouse.in/twitter-meta-and-byjus-the-massive-tech-layoff-bloodbath/
xxxiv Singh, N. (2024) April 2). Byju's laying offemployees via phone calls, period: Report. Business Standard. https://www.business-standard, news/byju-s-laying-off-employees-via-phone-calls-dropping-notice 124040200578_l.htmldropping notice com/companies/ -period-report-
xxxv Singh, N. (2024) April 2). Byju's laying offemployees via phone calls, period: Report. Business Standard. https://www.business-standard, news/byju-s-laying-off- employees-via-phone -calls- dropping-notice 124040200578_l.htmldropping notice com/companies/ -period-report-
xxxvi Times of India. (2023, June 9). Byju's to fire around 1,000 employees, offer 2-month severance pay: Report, https://timesofindia.indiatimes.com/india-news/byjus-to-fire-around-1000-employees-offer-2-mo nth-severance-pay-report/article show/ lOOOOOOOO.cms
xxxvii Times of India. (2023, June 9). Byju's to fire around 1,000 employees, offer 2-month severance pay: Report, https://timesofindia.indiatimes.com/india-news/byjus-to-fire-around-1000-employees-offer-2-mo nth-severance-pay-report/article show/ lOOOOOOOO.cms
xxxviii HT News Desk. (2024, April 3). Byju's layoffs: Company starts job cuts via calls, lets go staffwithout notice period. Hindustan Times, https://www.hindustantimes.com/ business/byjus-layoffs'Company-startS'job-cuts-via-calls-letS'gO'Staff'without-notice' periocU01712046620583.html
xxxix Abrar, R (2024, April 2). Edtech company Byju's goes ahead with cutbacks, fires 500 staffers. Business Standard, https://www.business-standard.com/companies/ ne ws/byju-s-lays- off-500- employees -terminates -employment-over-phone -calls-124040201104_l.html
xl Abrar, E (2024, April 2). Edtech company Byju's goes ahead with cutbacks, fires 500 staffers. Business Standard, https://www.business-standard.com/companies/ news/byju-s-lays-off-500-employees-terminates-employment-over-phone-calls-124040201104_l.html
xli Biswas, S. (2023, June 20). Byju's Layoff: Employee shares ordeal on Linkedln, says 'was available 24x7. Mint, https://www.livemint.com/companies/news/byjus-laid-off-employee-shares-ordeal-on-linkedin-says-was-available-24-7-but-was-asked-to-resign-immediately-11687253256543.html
xlii Verma, M. (2024, April 2). Byju's initiates layoffs PIP, notice period amid dire financialvia phone calls; lets go staffwithout strain. Moneycontrol. https://www.moneycontrol.com/news/technology/byj us-initiateS'layoffs-via-phone'Calls'letS' gO'Staff'without'pip'notice-period'amid'dire'financial'Strain'12559161.html
xliii TO I Tech Desk. (2024, April 2). What Byjus told employees on delaying March salaries. T\\e Times of India. https://timesofindia.indiatimes.com/technology/tech'news/what'byjuS'told' employeeS'On'delaying'march-salaries/articleshow/108983775.cms
xliv HRK News Bureau. (2024, August 5). Salary delays at Byju's despite new funding. HR Katha. https://www.hrkatha.com/news/compensation'benefits/salary'delays-at'byjuS' despite-new-funding/
xlv Abrar, R (2024, July 4). NCLT asks Byju's to pay salaries to employees, warns firm of facing audit. Business Standard, https://www.business-standard.com/companies/ news/nclt-tells-byju-s -to-pay- salaries- to-employees-warns-firm- of' an-audit- 124070400756_l.html
xlvi Abrar, R (2024, July 4). NCLT asks Byju's to pay salaries to employees, warns firm of facing audit. Business Standard, https://www.business-standard.com/companies/ news/nclt-tells-byju-s -to-pay- salaries- to-employees- warns- firm- of- an-audit- 124070400756_l.html
xlvii press Trust of India. (2023, November 21). BYJU's ex-employees charge company of missing full and final settlement deadline. ETHRWorld. https://hr.economictimes. indiatimes.com/news/industry/byjus-ex-employees-charge-company-of-missing-full- and-final-settlement-deadline/105372450
xlvm Pane Pulse. (2024, May 23). Byju's layoffs lead to financial and emotional turmoil for employees, https://www.mypunepulse.com/byj us- layoffs-lead' to-financial-and- emotional-turmoil-for-employees/
xlix Bhardwaj, A., & Gupta, O. (2024, March 4). How Byju's staffstruggle with layoffs. Rediff.com. https://www.rediff.com/business/report/how'byjus-staff'struggle-with- layoffs/20240304.htm
1 Bhardwaj, A., & Gupta, O. (2024, March 4). How By jus staffstruggle with layoffs. Rediff.com. https://www.rediff.com/business/report/how'byjus-staff'struggle-with- layoffs/20240304.htm
li Vaishnavi. (2023, July 28). Byju's employee shares heartbreaking video: Forced to resign or face salary cut. Inventiva. https://www.inventiva.co.in/trends/byjus-employee- shares-video/
lii NDTV (2023, July 28). "Please help me": Distraught Byju's employee breaks down in tears, https://www.ndtv.com/india-news/byju-raveendran-please-help-me-distraught- byjus-employee-breaks-down-in-tears-4247475
liii Reuters. (2023, June 25). Byju's staffsay morale waning amid turmoil amid layoffs at edtech firm. Business Standard, https://www.business-standard.com/companies/news/ byj u-s-staff-say-morale-waning-amid-turmoil-amid-layoffs-at-edtech-firm- 123062500062_l.html
liv Chakravarti, A. (2023, June 27). Byju's employees struggling to get jobs as recruiters are failing to match their salaries. India Today, https://www.indiatoday.in/technology/ news/story/byjus-employeeS'Struggling-tO'get'jobs'aS'recruiters-are-failing'to-match- their-salaries-2398683-2023-06-27
lv Gupta, A. (2023, January 24). Are there any best practices to follow while laying offemployees? Linkedln. https://www.linkedin.com/pulse/any'best-practiceS'follow'while- laying-off-employees-amit-gupta/
lvi Zoho People. (2023, December 22). Everything you need to know about layoffs. HR Knowledge Hive. https://www.zoho.com/people/hrknowledgehive/everything'you-need' to -kno w-abou t-lay offs. html
lvii Garg, A. (2023, February 2). Byju's lays off1,000 employees, fired people over WhatsApp calls. India Today, https://www.indiatoday.in/technology/news/story/ layoff-2023-byju-sacks-1000-employees-fired-people-over-whatsapp-calls-2329656- 2023-02-02
Iviii Garg, A. (2023, February 2). Byju's lays off1,000 employees, fired people over WhatsApp calls. India Today, https://www.indiatoday.in/technology/news/story/ layoff-2023-byju-sacks-1000-employees-fired-people-over-whatsapp-calls-2329656- 2023-02-02
lix Garg, A. (2023, February 2). Byju's lays off1,000 employees, fired people over WhatsApp calls. India Today, https://www.indiatoday.in/technology/news/story/layoff-2023-byju- sacks-1000-employees-fired-people-over-whatsapp-calls-2329656-2023-02-02
Reference # 33J-2025-06-02
Copyright IUP Publications 2025