New Delhi: The edutech company Byjus, which is in dire financial straits, received Rs 300 crore from its subsidiary Akash Educational Services. Got a loan.The edutech company Byju’s (BYJU’s), which is in dire financial straits, has received Rs 300 crore from its subsidiary Aakash Educational Services. BYJU’S Turmoil: Byju’s closes office in Kerala, lays off employees; Report.
It is reported that the loan has been received. The company’s regulators are said to have said that funds required for core business activities were obtained in the form of loans. In the meantime, there have been complaints that the company has closed offices in Kerala and forced resignations from employees. BYJU’S Turmoil: Byju’s closes office in Kerala, lays off employees; Report.
Byjus has closed its office at Technopark, Thiruvananthapuram. Kerala Minister V. is forcing the employees to resign. Sivankutty accused. The minister also said that Baijus employees came along with the office bearers of the IT Employees Welfare Association and met them and told them about their difficulties. The Minister said that the Labor Department will conduct a serious inspection in this regard.
Byjus offices are closed everywhere in Kerala except Kochi. Media reports have quoted internal company sources as saying that layoffs are underway on a large scale.
Byjus Crisis; Recent developments
The target period for the sales team has been reduced from 12 weeks to 8 weeks. The working days of the week have been increased from 5 to 6. Quoting sources, ‘ India.com ‘ reported that the company is following this strategy to fire employees from BIMBC jobs because they are not performing well .
The employees have demanded a one-time settlement of October salary. They have also demanded one time payment of salary from November to January 2023. In addition, the report mentioned that they insisted on encashment of earnings leave and payment of variable pay.
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Byjus in a whirlwind of loss
Byjus posted a loss of Rs 4,588 crore in FY21. This report was published after a delay of 18 months. Byjuice is also delaying the much-awaited IPO (Initial Public Offering). The report mentions that this is being done in fear of not getting a good response from the people.
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