Byju’s kicks off fresh layoffs

Apr2,2024



Mumbai: After employee delay salary payment For two consecutive months, cash hungry Byju has made a new beginning retrenchment In all departments. Sources aware of the development said that this is expected to affect around 500 employees of the company.
While a large number of job cuts will be implemented in the sales department, employees working in the company's tuition centers, including teachers, have also been affected. byju's has closed 30 of its 292 tuition centers in the last few months. “The layoffs started 15-20 days ago. Jobs of many employees at lower to mid-senior levels have been terminated to avoid duplication of roles,” sources said.
Byju's said in a statement that the downsizing is part of its business restructuring exercise undertaken by India CEO Arjun Mohan in October 2023 to simplify operating structures, reduce cost base and better cash flow management.
A spokesperson for the company said, “As you are also aware, we are going through an extraordinary situation at the company due to the ongoing litigation with four foreign investors, where every employee and the ecosystem is under tremendous stress given the current situation. Is going through.” Byju currently has 13,000-14,000 employees. Since October 2022, the Bengaluru-based startup has laid off more than 5,000 employees.



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