Byju’s precipitous fall has had far-reaching consequences, particularly for its workforce. Despite formerly employing 50,000 people, Byju’s has suffered a significant decline to roughly 30,000 in less than two years. Excluding Aakash and international organizations, Byju’s India employs fewer than 10,000 people, down from 14,000 in 2023.
The Human Side of the Story
Behind these figures are personal stories of employees whose lives have been upended by the demise of Byju’s, which was once heralded as India’s most valuable startup and the world’s most valuable tech firm.
- Rishav’s Struggle: At 26, Rishav was let go from Byju’s in April and has since faced 16 failed interviews. Even when receiving callbacks, offers often come with significant pay cuts, leaving Rishav feeling disillusioned.
- Vijay’s Dilemma: Former academic center head Vijay, aged 35, is now job hunting while his 60-year-old mother takes on employment to support the family, leading to a sense of helplessness for Vijay.
- Raj’s Financial Pressure: Raj, aged 27, was compelled to sell his parents’ home due to financial strain following his departure from Byju’s.
Mounting Debts and Legal Battles
Unpaid wages to employees exacerbate the situation. According to an internal study performed by a group of employees, Byju’s owes Rs 5.17 crore to just 400 individuals, accounting for barely a fraction of the company’s total indebtedness to its personnel. With upwards of 10,000 employees sacked in the previous two years, employees have taken legal action, hiring a lawyer and planning an appeal to the NCLT to recoup their wages.
Byju’s Ongoing Troubles
Byju’s problems extend beyond its workers, as the business is embroiled in legal battles with seven stakeholders in NCLT. This turbulence comes after a number of high-profile departures, including investor board members, CEO Arjun Mohan, and CFO Ajay Goel. Advisors Mohandas Pai and Rajnish Kumar will stand down from Byju’s advisory board at the end of their one-year tenure in June.
Byju’s Workforce Faces Challenges
The once-prominent edtech giant Byju’s is grappling with internal challenges, leading to significant hardships for its workforce. Despite boasting a sizable workforce in the past, the company has witnessed a substantial reduction in employee numbers, with layoffs and financial uncertainties adding to the turmoil.
Workforce Struggles: Personal Stories
Individual accounts from former Byju’s employees provide light on the human cost of the company’s downfall. Employees such as Rishav, Vijay, and Raj confront numerous challenges following their leave from Byju’s, ranging from job rejections and financial demands to familial responsibilities.
Unpaid Dues and Legal Battles
Unpaid dues exacerbate the employees’ troubles, with Byju’s owing a significant amount to its workforce. The rising debts have pushed staff to consider legal action, emphasizing the gravity of the issue. Furthermore, persistent legal fights with stakeholders exacerbate Byju’s already difficult trip. The company’s internal struggles are reflected in the departure of key executives and board members, signaling broader organizational challenges. With advisors Mohandas Pai and Rajnish Kumar set to step down, Byju continues to navigate a period of uncertainty and transition.
Read more: Marketing News, Advertising News, PR and Finance News, Digital News
