On October 25, some of Byju's employees approached Kerala Labour Commissioner K Vasuki. They asserted that a verbal request for a forced resignation had been made by the company. According to media sources, Byju's addressed the staff and offered them relocation to either Kochi or Bengaluru in order to reduce expenses and restructure for profitable growth.
Byju's founder and CEO Byju Raveendran apologised to the company's employees for the layoffs at India's largest education technology company, claiming that 2,500 job cutbacks were necessary to eliminate role duplication and reduce redundancies.
Also Read: Byju Raveendran pens emotional farewell note to sacked staff
Raveendran claimed in a statement to staff members that, due to unfavourable macroeconomic variables, Byju's had been forced to concentrate on sustainability and capital-efficient growth. He said that the layoffs broke his heart.
"I seek your forgiveness if this process is not as smooth as we had intended it to be. While we want to finish this process smoothly and efficiently, we don't want to rush through it," he wrote to his employees.
"I realize that there is a huge price to pay for walking on this path to profitability. I am truly sorry to those who will have to leave Byju's," he added.
Also Read: Byju's borrows ₹300 cr from Aakash for 'principal business activities'
While minimising redundancies, unifying its subsidiaries into one India business and focusing on sustainable growth and profitability, Byju's said earlier in October that it would fire 2,500 workers over the course of six months.
In defending the decision, Raveendran said that Byju's had rapidly and significantly expanded globally during the previous four years, including through acquisitions.
