Byju’s layoffs: Founder Raveendran in emotional email to employees

After initially tasting success after its launch in 2011, edtech giant Byju’s has been in serious trouble for some time now with falling valuations, disgruntled investors, debt restructuring issues and large-scale layoffs and exodus, including Also included are the resignations of auditor Deloitte and the board.

To mark the occasion, Byju’s founder and CEO Byju Raveendran addressed employees during a town hall on Thursday and said it was up to them to highlight recent developments including the resignation of the company’s auditor Deloitte and board members – GV Ravi Shankar was important. Russell Dressenstock, Managing Director, Peak XV Partners (formerly Sequoia Capital India), Prosus (formerly Naspers) and Vivian Wu, Chan Zuckerberg Initiative.

The Bengaluru-headquartered startup is also beset by court cases with lenders, loan defaults and valuation markdown by investors. The company has also been hit by the delay in filing its financial results for the year ended March 31, 2022, reports TOI’s Gadgets Now.

Hours after addressing the employees in a virtual town hall, Raveendran sent them an emotional email expressing his concern over the ongoing turmoil at the company.

“As I sit down to write this heartfelt message, I am filled with a sense of deep appreciation and appreciation for you. I am writing to address recent events that have caused concerns or uncertainties among our team May be… In the light of recent events, there have been discussions regarding our beloved company BYJU’S, which has given rise to misunderstandings and speculations.

While we acknowledge the challenges we currently face, we are actively addressing them. We have taken strategic measures to ensure stability and profitability by streamlining our business operations and optimizing the size of our team. With a strong foundation and an exceptional team, we are now poised for sustainable growth in the days to come,” Raveendran’s email reads as quoted by Gadgets Now.

He further wrote, “This does not mean that we are not facing some difficult headwinds, many of which are related to the current adverse macroeconomic conditions… The challenges we face as the world’s leading edtech company The headlines seem to be magnified by the happenings. ,

“This company is not just my job; This is my life For 18 years, I have devoted over 18 hours a day to Byju’s, pouring my heart and soul into this mission. And I want to do it for at least 30 more years,” he added in the email.

Speaking about the multiple rounds of layoffs at Byju’s, he said, “I express my condolences to each and every member of the team who is facing the hard reality of downsizing, a decision made as a last resort and with a heavy heart.” was taken from.”

“Difficult times may test us, but they also reveal our true strengths. I assure you that Edtech is here to stay. we are here to stay. “We are not here just to be here,” concludes Raveendran, quoted by Gadgets Now.