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Troubles mount for Byju’s: The company has notified its employees on Saturday about reducing the notice period from 15-60 days to 15-30 days based on seniority levels. For Level 1 to 3 roles (executives, associates, specialists, etc.), the notice period is now 15 days. Higher levels, Level 4 and above, have a 30-day notice period. This information was conveyed in an email, the copy of which has been seen by ET.
This adjustment aims at cost-cutting, following a restructuring by CEO Arjun Mohan in September, resulting in approximately 4,500 job cuts within the company. ‘Think & Learn’ currently employs an estimated 13,000-14,000 people.
Earlier reports in the financial daily on December 3 highlighted Byju’s delay in giving November salaries for about 1,000 employees, citing a technical issue. The pending salaries were cleared later on Monday.
Facing financial strain, Byju’s may tap into Epic’s sale proceeds to sustain its operations. The sale, anticipated to fetch around $400 million with three bids already, might allocate $80-100 million for operations while the rest could go to term loan B (TLB) lenders.
The deal’s speed and fund transfer remain crucial, as Byju’s simultaneously seeks additional financing. Joffre, a tech-focused buyout firm, is reportedly leading the bidding.
Byju’s is implementing urgent measures amid financial challenges, coinciding with its upcoming annual general meeting on December 20. Earlier reports on November 29 highlighted investor demands for founder Byju Raveendran to step back from daily operations.
Byju’s funds squeeze
One individual familiar with the situation indicated that the company currently requires funds. Discussions are ongoing with TLB creditors regarding the proceeds from the Epic sale, with an expectation that approximately $300-320 million will be set aside for them, the lenders.
Read From ET |Byju’s plans for Epic sale funds
Additionally, another source mentioned that the company is aiming to finalize the Epic sale swiftly, seeking to conclude the deal before global investors take holiday breaks leading up to Christmas and the New Year.
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