BYJU'S reverses decision to lay off 140 employees in Thiruvananthapuram
has reversed its decision to lay off 140 employees and shut operations in its Thiruvananthapuram office after meeting with P. Vijayan, Chief Minister of Kerala, on Wednesday.
“Following a detailed discussion between the Hon’ble Chief Minister of Kerala, Shri P. Vijayan and Byju Raveendran, Founder of BYJU'S, we have decided to continue operations of our TVM product development centre. As a result, our 140 associates will continue to operate from this centre,” a BYJU’S spokesperson said.
They added, “Byju Raveendran, who is from Kerala, reiterates his commitment to the state and the leadership team of BYJU’S, under his guidance, will pursue a growth strategy in the state.”
The development comes after media reports highlighted that BYJU’S is planning to shut its operations in Thiruvananthapuram, laying off 140 employees in cost-cutting measures.
Fearing layoffs, many of the edtech startup's employees met with Kerala Labour Minister V Sivankutty, who said the state government would order a probe into the alleged layoffs. A meeting was subsequently called by the labour department to find an amicable solution.
Last week, Byju Raveendran, the founder of India’s most valued startup, apologised to employees who are to be laid off in an email.
“I am truly sorry to those who will have to leave BYJU'S. You are not just a name to me. You are not a number. You are not just 5% of my company. You are 5% of me,” he had said in an email.
The edtech decacorn has been under the scanner in the last few months for its accounting practices and mass layoffs. Last valued at $22 billion, BYJU’S has said it is eyeing profitability in March, and these lay-offs are a part of its cost-cutting measures on this path.
Edited by Suman Singh