New Delhi:
Byju’s has reportedly laid off over 1,000 employees, the second layoff in the edtech major in less than six months. The downsizing affected employees from the design, production and engineering departments, according to LiveMint.
The engineering vertical is the worst-hit, with nearly 300 employees in the department getting the pink slip, reports Moneycontrol.
Byju’s recent layoffs come just months after the company fired 2,500 workers in a bid to become profitable by March 2023. In October, the startup announced that it was optimising its marketing and operational cost, which would lead to 5% of its total workforce being laid off.
Byju’s co-founder Divya Gokulnath had said that the company would focus on building brand awareness and also hire 10,000 teachers in the coming months.
Byju’s was valued at $22 billion the last time, and is currently the world’s most valuable edtech startup. Founded in 2015 and formally known as Think & Learn Pvt., the Bangalore-headquartered startup shelved plans for a stock-market debut as global markets slumped last year.
Byju’s is also finalising plans for a $1 billion initial public offering of its tutoring business Aakash Educational Services, and may consider IPOs of other units, reports Bloomberg. It is also in conversations with creditors to rework a $1.2 billion loan raised in 2021.
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Source link: https://www.ndtv.com/india-news/byjus-fires-over-1-000-employees-2nd-mass-layoffs-in-less-than-a-year-report-3749735