Truly sorry to those who’ll have to leave Byju’s, says Raveendran to staff

Byju Raveendran, chief executive officer and founder of Byju’s said that the edtech giant has to part ways with 2500 employees to avoid role duplication across the company’s businesses. The firm, which is valued at $22 billion, is targeting to be profitable by March next year.

“There is a huge price to pay for walking on this path to profitability,” said Raveendran in an internal company letter addressed to the employees and reviewed by Business Standard. “We have always taken pride in taking care of our employees and retaining them forever. So, it is with a heavy heart that we have had to take this difficult decision.”

Raveendran said some business decisions have to be taken to protect the health of the larger organization and pay heed to the constraints imposed by external macroeconomic conditions.