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Byju’s launches new layoffs

MUMBAI: After delaying an employee salary payments for two months in a row, in need of money Byju’s has started again layoffs across departments. These measures are expected to affect around 500 employees of the company, said sources aware of the developments.
Although the majority of job cuts will affect the entire sales department, employees working in the company’s training centers, including teachers, have also been affected. At Byju’s has closed 30 of its 292 tuition centers in recent months. “The layoffs began 15-20 days ago. Jobs of several lower to mid-level employees have been eliminated to avoid duplication of roles,” sources said.
Byju’s said in a statement that the downsizing is part of Indian CEO Arjun Mohan’s business restructuring exercise in October 2023 to simplify operational structures, reduce cost base and better manage revenues. cash flow.
“As you also know, we are going through an extraordinary situation in the company due to the ongoing litigation with four foreign investors, where every employee and the ecosystem are under enormous stress, given the current circumstances,” said a door -company wording. Byju’s currently has between 13,000 and 14,000 employees. Since October 2022, the Bangalore-based startup has laid off more than 5,000 employees.

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