Edtech major BYJU’s has cut nearly 1,000 jobs across divisions as part of restructuring process
Posted Date – 10:05 PM, Mon – 6/19/23
New Delhi: Edtech major BYJU’s has laid off nearly 1,000 cross-functional employees as part of a restructuring process, people familiar with the matter said Monday.
The new round of firings comes amid the company’s legal battle with US lenders over a $1 billion term loan B.
“BYJU’s has laid off close to 1,000 employees. However, due to the addition of new employees, the company’s final headcount remains at around 50,000,” a source with knowledge of the developments told PTI.
BYJU’s unveiled plans for the company to be profitable by March 2023 and announced that it will cut about 5% of its 2,500 employees within six months starting in October 2022.
“The recent layoffs are part of the company’s cost optimization process,” the source said.
Email inquiries sent to BYJU went unanswered.
