Embattled edtech startup Byju's has reduced the mandated notice period its employees have to serve, as it faces a working capital crunch.
The notice period has been reduced to 15 days for employees at level 1, level 2 and level 3. These include executives, associates, specialists; senior executives, senior associates, senior specialists; and team leads, respectively. It was earlier 30-60 days depending on seniority, according to a mail sent to employees on Dec. 3. BQ Prime has seen a copy of the email.
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The notice period for level 4 employees, which includes assistant managers and above, is now 30 days. Earlier, it could go up to 60 days depending on the role.
"To bring in consistency in our policies, across the organization, we will be modifying this notice period to a uniform period for all levels," the company wrote in the email. "We believe that this revised policy aligns with our organisational goals and industry standards."
The move is aimed at cutting costs, at a time when founder Byju Raveendran is raising funds by pledging his homes to pay employees, according to Bloomberg.
Once valued at $22 billion, Byju's has seen a rapid decline over the past 15 months, with valuation drawdowns as severe as below $3 billion, as per long-time backer Prosus.
It is facing multiple legal battles, with a $1.2-billion term loan B fight with lenders, a National Company Law Tribunal insolvency petition filed by the Board of Control for Cricket in India, and Foreign Exchange Management Act allegations of violations on an amount of Rs 9,300 crore, which the company has said would only result in a "nominal fine".
It is also in the midst of an organisational restructuring, with newly returned Chief Executive Officer Arjun Mohan at the helm. Its chief technology officer and chief financial officer have also been replaced recently, as part of the shuffle.
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