Byju’s wave of layoffs has terribly impacted its staff. A former employee has expressed disappointment at being laid off despite 24/7 availability. He is now struggling to find a new job to make ends meet.
Arpit Singh, a former retention manager at Byju’s is one such employee. “I don’t know what my fault was,” Singh wrote on LinkedIn. “I worked very hard throughout my time in Byju’s and I never followed the 10-8 work culture. I was always available 24×7 for my company but they (the HR) came and told me to resign immediately.”
Byju’s Troubles
The company has been in financial trouble for a while now. Recently, Byju’s refused to pay back $40 million in debt to its lenders. It filed a case against the lenders in the New York Supreme Court for demanding acceleration of repayment.
If the Court rules in favor of the lenders, it could cause Byju’s to have to immediately pay back $40 million which would adversely affect its cash flows. At the same time, Byju’s creditworthiness has taken a hit. Any further debt is likely to come with a much higher interest burden due to the ongoing recession and the loss of investor confidence in the company.
At the same time, efficient employees are also opting to leave Byju’s due to lower job safety. How Byju’s would come out of these troubled waters remains to be seen.
