The fresh round of firing comes at a time when the company has entered into a legal battle with lenders in the US for USD 1 billion term loan B.
New Delhi: Edtech giant BYJU’s has sacked nearly 1000 employees across departments as part of its restructuring process. The job cuts will reportedly affect around 2 percent of the company’s workforce. To recall, the company had already cut more than 3,000 jobs in the past year in two separate rounds.
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“BYJU’s has laid off close to 1,000 employees. However, the final headcount of the company remains around 50,000 because of the addition of new employees,” a source aware of the development told news agency PTI.
The fresh round of firing comes at a time when the company has entered into a legal battle with lenders in the US for USD 1 billion term loan B.
BYJU’s had announced cutting about 5 percent of 2,500 employees over six months starting October 2022 as it unveiled the company’s plan to become profitable by March 2023.
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“The recent layoff is part of the company’s cost optimisation process,” the source said.
According to a Mint report, the layoffs are believed to have taken place on June 16 with employees being fired via in-person meetings and phone calls. The layoffs reportedly affected members of the platform, brand, marketing, business, product and tech teams.
