Yes. A friend in Gurgaon office told that almost everyone there has been asked to resign

Investor

Yeah a friend ,an ex colleague of mine told that all ABH (Are business head) have been asked to leave... 
  
 Even that ex colleague also gor fired unfortunately along with many others

Program Manager

Software Engineer

Welcome to Indian Startups's Private Community

Hearing about a big scale down of Byjus offline business. Is this true?

Hearing about a big scale down of Byjus offline business. Is this true?- Grapevine

People in the firm what is happening? Is this the end of edtech and BYJUs? What went wrong?

Hearing really bad news from BYJUs, firm has silently laid off upto 15-20 K people in months

Growth Manager

Any Goss on the financial health of Edtech firms like LEAD, Unacademy?
I hear there's one more round of layoffs coming.

Situation with Edtech firms.

Project Manager

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.

Byjus may shut down

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!

Layoff at BYJUS as mentioned by articles

Hired lionel messi to promote brand and cuts employees to save costs.  
  
 What a fucking high IQ C suite the company has🤣 piece of shits, thats why never work for Indian companies. No morals

AI Engineer

Welcome to News Discussion's Private Community

First the audit report got delayed. Now they’ve reported a loss of over 4.5k cr. And I believe they’re like a mothership of edtech, if they gone down then the entire category goes down from an investment perspective

What’s happening with byjus?

Software Developer

Welcome to Office Gossip's Private Community

Ask me anything about WhitehatJr(byjus acquired)

Business Development Manager

Just heard that Byjus is about to close $250 million funding. Can someone confirm if this is true?

Byju's about to close $250 million funding

Engineering Manager

Wtf is happening at Byjus?

Analyst

Prosus just released their annual report - was checking it out and saw that they've written off 100% of their Byju's stake

For the unaware, they're Byju's largest share holder with ~10% of the business - their stake was last valued at 2 billion.

They're writing off TWO BILLION - let that sink in!

Also they've marked down their stake in pharmeasy by 35% 🤔

Prosus says Bye-ju's 👋🏼

Unacademy has just laid off the entire team of NextLevel and will be shutting the business. 

It is interesting to note that Relevel underwent a major pivot after failure and was rebranded to NextLevel. Gaurav apparently blindly wrote how this product will take on LinkedIn and make CV's redundant. 

Guess another unacademy experiment has failed but several employees are facing the brunt of the CEO's immature experimental nature.

Unacademy layoffs have begun 🤡

Heard that there has been some senior management connect, where in due to financial constraints & lack of new round of funding. Some folks will be asked to leave. 
This is a complete 360 from the conversation they had in Mar’23 where in an appraisal was on the cards

Another layoff at BYJUs

This gets the figure to like 10k in that many months 🫣

BYJU'S set to fire another 4,000 employees

Paying exorbitant salaries was going to bite them sooner or later, feel sad for those who will loose their jobs. But again have come across ppl who were paid insanely and were laid off not wanting to take a pay cut and join somewhere, infact they will ask more than what was their inflated last drawn salary. Not willing to realise the harsh reality of the current situation.

Computer Operator

Data Scientist

Most of us are curious of how decisions are made in major VC funds, as these funds are private and only share this information with their Limited Partners (LPs).

For the unknown, there are VC funds known as Corporate Venture Capital funds, which are the venture arms of corporate firms; they are required to disclose the performance of their CVC funds to the general public.

Prosus, one of the largest funds in this category, has just released its 2024 Annual Report, so thought it would be helpful to share the key takeaways with you all. So, here we go:

1/ Swiggy: On the Launchpad
Swiggy continues to impress with a 26% surge in its gross order value and a robust user base that's grown to 104 million. The food delivery giant isn't just expanding—it's preparing to soar with a confidential IPO filing. Swiggy's blend of core deliveries and quick-commerce ventures positions it as a frontrunner in the food-tech race.

2/ Byju's: A Reality Check
The tides have turned for Byju’s, once a darling of the edtech world, now facing a stark reality with a $493 million valuation write-down by Prosus. This significant markdown is a wake-up call to the high-flying valuations in the edtech sector, spotlighting the need for sustainable financial health over speculative growth.

3/ PayU: Quietly Confident
While specific updates on PayU were sparse, its role in Prosus’s fintech ambitions remains pivotal. PayU continues to weave through Prosus's strategy, likely focusing on enlarging its digital payment solutions and tapping into burgeoning financial service opportunities in emerging markets.

4/ PharmEasy: Unsung Potential
PharmEasy's story remains under the radar in this year’s dispatch. However, as a component of Prosus's health tech ventures, it’s poised to play a crucial role in expanding accessible digital healthcare solutions, streamlining services from prescriptions to doorstep delivery.

The Bigger Picture? Prosus's strategy paints a vivid portrait of India's evolving startup ecosystem. It's no longer just about rapid growth and sky-high valuations. The game has changed:

1/ Sustainability is king: Byju's fall from grace is a stark reminder that financial health trumps speculative growth.
2/ IPO readiness matters: Swiggy's preparations show the market's appetite for well-prepared tech giants.
3/ Quiet expansion: PayU and PharmEasy's low-key presence suggests strategic focus on steady growth over flashy headlines.
4/ Diversification is key: Prosus's varied portfolio highlights the importance of spreading bets across sectors.

Checkout their annual report at https://www.prosus.com/~/media/Files/P/Prosus-CORP/AR2024/1latestfinancialresults/04annualreport/fy2024annualreport.pdf - happy reading!

Would you like more breakdowns of such reports and documents? Let us know in comments below 👇🏽

Key takeaways from Prosus 2024 Annual Report

Journalist

Byju's now valued at $0 🙈

Byjuites here, how are the things at the organisation? With Byju's disqualifying its lenders and filing counter-suit,  I expect things may not have improved as many of us would have hoped for the largest ed-tech. Are silent lay-offs still happening?? Any other worrying signs??

Byju's disqualifies lender

Product Manager

Another round of firing if
$350-500m doesn't hit Byju's bank account by March end
In all probability, it will hit. They're going for a down round. Reduced valuation.

Byju's layoffs

Tentatively JAN third week. ( no runway left for Feb) - Employees could be paid in Esop’s valued at 2.7B $ as per internal disscussions.

CLE, Content, Tech and product teams are going to be sliced. All products are going to KTLO. This is the final round - post this the company Survives and sticks to K12 until 2026 OR it files for bankruptcy.☹️

Guys this is my last post about Byjus. All the best Soldiers ! 👋

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