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Edtech company Byju’s on Wednesday said it has decided to continue operations of its Thiruvanthapuram product development centre in Kerala and its 140 associates will continue to operate from this centre. The move comes a week after some Byju’s employees approached Kerala Labour Minister V Sivankutty alleging that the company was forcing more than 170 staff to resign as it is planning to wind up its operations in the state.
“Following a detailed discussion between the chief minister of Kerala, P Vijayan, and Byju Raveendran, founder of Byju’s, we have decided to continue operations of our Thiruvanthapuram product development centre. As a result, our 140 associates will continue to operate from this centre,” Byju’s said in a statement on Wednesday.
It added that 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.
Last week, TechnoparkToday, a community digital media platform for IT professionals, in a LinkedIn post said Byju’s, which has an office in the Carnival building of Technopark, is planning to exit Kerala’s capital.
It said, “Byju’s Think & Learn Private Limited working in Carnival building, Technopark is planning to stop its operations from Trivandrum without any prior notice to employees. More than 170 employees are working in their centre at Technopark. The company management is enforcing employees for forceful resignation.”
Days later, on Saturday (October 29), Karnataka State IT/ ITeS Employees Union (KITU) also said Byju’s is laying off staff in its Bengaluru headquarters. KITU Secretary Sooraj Nidiyanga said the employees are reluctant to resign but are being forced and the HR department is indulging in getting resignations forcefully from employees.
However, in a statement, Byju’s said, “It is absolutely false that Byju’s is forcing employees to resign. Byju’s is a responsible organisation and follows all laws of the land. Byju’s employs nearly 50,000 people across India. Around five per cent, or 2,500, of these positions are being rationalised as part of Byju’s current strategic plan to grow profitably and sustainably.”
Byju’s booked a loss of Rs 4,588 crore for the fiscal year ended March 31, 2021, 19 times more than the preceding fiscal, as the nation’s most valuable startup on Thursday released audited financial statements after months of delay.
Its losses in the financial year 2020-21 widened from Rs 231.69 crore in 2019-20. Revenues during FY21 dropped to Rs 2,428 crore from Rs 2,511 crore in FY20. But in the following fiscal, ending March 31, 2022, the company said revenue soared four-fold to Rs 10,000 crore but it did not reveal profit or loss numbers for that year.
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