The Byju's logo.
Credit: Reuters file photo
New Delhi: Edtech firm Think and Learn - owner of Byju's brand - has slashed course subscription fees by 30-40 per cent and hiked sales incentives by 50-100 per cent, according to sources.
Byju's Founder and CEO Byju Raveendran, who has started handling the company's daily operations, in a meeting with 1,500 sales associates and managers, has announced change in sales strategy inclined towards scalability and flexibility.
"The annual subscription for the Byju's Learning App is now available at a yearly early price of Rs 12,000 (inclusive of taxes), while Byju's classes and Byju's Tuition Centres (BTC) are priced at Rs 24,000 and Rs 36,000, respectively, for a complete year of classes", sources privy to the development said.
This is almost a 30-40 per cent reduction in rates, they said.
Byju Raveendran has also promised to settle all dues of the sales team with higher incentives.
"The average sales salary is Rs 40,000 per month. So, close a couple of sales, and you can get not just your salary but also clear your arrears. You can earn many multiples of your CTC through this model", Byju said.
He announced that Byju's sales associates will receive 100 per cent incentives for the closed sales directly into their accounts the next working day, while managers will receive 20 per cent of the same from the company.
"The average sales salary is Rs 40,000 per month. So, close a couple of sales, and you can get not just your salary but also clear your arrears. You can earn many multiples of your CTC through this model", Byju said.
He said the company has transitioned from a push-based to a pull-based sales model, which is driven by love for learning rather than the fear of missing out.
Byju has instructed managers to act as coaches, focused on supporting and enabling the sales team rather than enforcing strict call quotas.
"Associates will have the flexibility to work on their own terms, with no tracking of the number of hours spent on calls", a company source said.
Byju's has asked employees to report any ill treatment, forced sales or rude behaviour of managers directly to him.
A query sent to Byju's seeking a comment on the development did not elicit any reply.