BYJU’s Layoffs: Nearly 1,000 employees laid off in all departments

The new round of layoffs comes as the company has entered into a legal battle with U.S. lenders over $1 billion Loan B.

Byju’s gives pink slips to 1,000 extra workers amid debt and legal battle: report

New Delhi: Edtech giant BYJU’s has laid off nearly 1,000 employees from various departments as part of its restructuring process. The job cuts are reported to affect about 2 percent of the company’s workforce. As a reminder, the company had already cut more than 3,000 jobs in two separate rounds in the past year.

“BYJU’s laid off nearly 1,000 employees. However, the company’s final workforce remains around 50,000 due to the addition of new employees,” a source familiar with the development told PTI news agency.

The new round of layoffs comes as the company has entered into a legal battle with U.S. lenders over $1 billion Loan B.

BYJU’s had announced it would cut about 5 percent of its 2,500 employees over six months from October 2022, when it revealed the company’s plan to become profitable by March 2023.

“The recent layoff is part of the company’s cost optimization process,” the source said.

According to a Mint report, the layoffs were said to have taken place on June 16, with employees fired through face-to-face meetings and phone calls. The layoffs reportedly affected members of the platform, brand, marketing, business, product and technical teams.