Byju’s has vacated its biggest office space in Kalyani Tech Park last weekend to save costs.

https://m.economictimes.com/tech/technology/new-byjus-ceo-arjun-mohan-plans-to-merge-businesses-cut-more-than-5000-jobs/amp_articleshow/103968170.cms Apparently, they didn’t know that they had to repay the loan, so now they have to fire 4-5K people to repay it. I guess this is all a game for them.

.

Link to article - https://techcrunch.com/2024/01/11/blackrock-cuts-byjus-valuation-by-95-to-1-billion/

Internal source: most vps are around the table these days, and too busy to get goats to sack this week. For Byju's product team, this week is crucial, usual results are out on Friday. ( product, design and media) 45% -50% cut from each team. There won’t be any news about Byjus from now on, my wife was the source, and she got laid off today.

- Byju's, once valued at $22 billion, faces insolvency, causing panic among employees. - U.S. lenders seek $1 billion in unpaid dues, leading to a court battle and asset freeze. - Employees, unpaid for months, consider protests and lawsuits to recover dues. - India's Supreme Court declined Byju's request to halt the insolvency process. - Founder Byju Raveendran assures staff of prompt salary payments once control is regained. Source: [Reuters](https://www.reuters.com/world/india/indian-ed-tech-giant-byjus-insolvency-case-fans-fears-employees-2024-08-22/)

Tech team in gurgaon office thrown out and office laptop seized by the Incuspaze space partner due to payment issues. Employees are being asked to work from home even without a company laptop. Pls share if anyone has some new information on the issue or about BYJUS in general.

First, they had a layoff. Lot of good people quit including great people Then, they had a second lay off Some great people in the leadership quit. Middle management people are quitting every day. Only engineers and other people who are not able to get jobs are remaining They shut down majority of US acquisitions They are trying to sell some of them like Tynkr and Epic Not able to raise funding till now even though trying since December Sales is down 90% New Inside Sales process is not working They are out of runway.

Many VPs, Business heads are moving out so quickly mergers of departments and closure of some departments. Scary !!!

"BYJU’S grew considerably since our first investment in 2018, but, over time, its reporting and governance structures did not evolve sufficiently for a company of that scale. Despite repeated efforts from our Director, executive leadership at BYJU’S regularly disregarded advice and recommendations relating to strategic, operational, legal, and corporate governance matters. The decision for our Director to step down from the BYJU’S Board was taken after it became clear that he was unable to fulfil his fiduciary duty to serve the long-term interests of the Company and its stakeholders." https://techcrunch.com/2023/07/24/prosus-questions-byjus-governance-says-indian-edtech-regularly-disregarded-advice/?tpcc=tcplustwitter

As per internal company sources: This is big like 500+, lots of folks cut in platform teams, brand teams, marketing teams, business teams, product and tech. Wish everyone there all the best. This shall too pass!