Byju’s said on Sunday that two of its senior advisory board members were resigning. According to the company, Rajnish Kumar and Mohandas Pai have decided not to renew the agreement expiring on June 30.
Cash-strapped edtech firm Byju’s said on Sunday that two of its senior advisory board members are resigning. According to the company, Rajnish Kumar and Mohandas Pai have decided not to renew the agreement expiring on June 30. This development has happened when the edtech company (Edtech Startup) is struggling with many issues including delay in paying salaries amid cash crunch (Byju’s Crisis).
Byju’s Founder and CEO Byju Raveendran said, “Rajneesh Kumar and Mohandas Pai have provided invaluable support over the last year. Litigation by some foreign investors has delayed our plans, but their advice in the ongoing rebuild. Will be trusted, which I am personally leading.” Byju’s said it values the engagement with the advisors and appreciates their efforts in steering the company through turbulent times.
What did Kumar and Pai say?
“Based on our discussions with the founders, it was mutually decided that the tenure of the advisory council should not be extended,” Kumar and Pai said. Earlier this month, Raveendran asked employees to put an end to aggressive selling, While the course prices were reduced by up to 30 percent.
Up to 40% reduction in fees
Recently, Think and Learn, the company that operates Byju’s, had reduced the course membership fees by 30-40 percent. Along with this, the company had increased the sales incentive by 50-100 percent. According to reports, the annual subscription of Byju’s Learning App is now available at a starting price of Rs 12,000 (including taxes). Whereas the full price of Byju Classes and Byju Tuition Center (BTC) for the entire year is Rs 24,000 and Rs 36,000 respectively.
Model of earning many times more than salary
Byju Raveendran had said- ‘The average sales salary is Rs 40,000 per month. You sell some courses and you can withdraw the outstanding salary along with your salary. With this model you can earn many times your annual salary package.
He had also announced that Byju’s sales associates will get the entire incentive amount directly in their accounts on the very next day of sale. Not only this, the managers will get 20 percent of it from the company. Byju’s had instructed managers to act as ‘coaches’, focusing on supporting and enabling the sales team.
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