Byju’s layoffs lead to financial and emotional turmoil for employees
Byju’s layoffs lead to financial and emotional turmoil for employees
Raj, 27, rapidly advanced at Byju’s from a sales associate to a team leader in three years. His recent promotion included a 50% salary increase, bringing his annual income to Rs 13.05 lakh, which prompted him to buy a home for his parents in Mumbai. Raj secured a Rs 75 lakh home loan, making a Rs 30 lakh down payment and covering the rest with Rs 59,000 monthly EMIs.
Despite working in Bengaluru and managing living expenses, Raj invested another Rs 10 lakh to furnish the flat. Confident in Byju’s future, Raj felt secure. However, on August 10, he was laid off. Unable to sustain the steep EMIs without his salary, Raj sold the house at a Rs 20 lakh loss after struggling to find a new job with half his previous salary.
Raj’s story reflects the broader crisis at Byju’s, once India’s most valued startup, now battling financial woes. Byju’s workforce has shrunk from 50,000 to less than 30,000, with many still awaiting unpaid dues. Employees at Byju’s are considering legal action due to job loss and unpaid salaries.
Former employee Ajay, 24, created a WhatsApp group and Google form to document dues, revealing Rs 5.17 crore owed to nearly 400 people. Byju’s financial crunch has delayed salaries, leaving many in distress. Employees struggle to find new jobs due to Byju’s tarnished reputation, facing significant salary cuts.
Raj, among others, dealt with aggressive bank agents over delayed EMIs, forcing distress sales and additional loans. Many former employees, unable to find new jobs, have resorted to low-paying work or returned to their hometowns.
Byju has promised to pay dues within two to three months, but employees remain sceptical, facing mounting financial and emotional strain. The company’s recent efforts to recruit new employees at lower salaries have added to the discontent among former staff.
Byju’s downfall has left a trail of financial ruin and emotional distress, with employees struggling to recover from the rapid decline of a once-promising tech giant.
