Edtech company Think and Learn, the parent company of the renowned Byju’s brand, has recently implemented significant changes to its course subscription fees and sales incentives, according to reports.
Byju’s Founder and CEO Byju Raveendran, who has taken a more hands-on role in the company’s daily operations, introduced a new sales strategy at a meeting with 1,500 sales associates and managers. The updated strategy aims to improve scalability and flexibility within the organization.
Sources familiar with the situation revealed that the annual subscription for the Byju’s Learning App is now priced at a discounted rate of Rs 12,000 per year, taxes included. Furthermore, Byju’s classes and Byju’s Tuition Centres (BTC) are now priced at Rs 24,000 and Rs 36,000 for a full year of classes, respectively. This represents a significant 30-40 percent price reduction, as per the reports.
Raveendran also decided to clear all pending dues of the sales team by offering increased incentives. Reports suggest that sales incentives will be raised by 50-100 percent.
He highlighted the opportunity for sales associates to earn substantial bonuses, saying, “The average sales salary is Rs 40,000 per month. So, close a couple of sales, and you can not only cover your salary but also clear your arrears. You can earn multiples of your CTC through this model.”
Under the new system, Byju’s sales associates will receive 100 percent incentives for closed sales directly into their accounts the next working day, while managers will receive 20 percent from the company.
Byju has encouraged employees to report any instances of mistreatment, forced sales, or discourteous behavior by managers directly to him. However, Byju’s has not yet confirmed all the insider details.
(with inputs from PTI)
