Job Cuts: This decision has been taken by the company at a time when it has entered into a legal dispute in the US court regarding debt payment of one billion dollars. Byju had already said that it would lay off around 2,500 employees in the next six months from October 2022.
Byju’s Company: Edtech giant Byju’s has laid off around 1,000 employees as part of the restructuring process. Information about this was given by the sources. Those aware of the developments said that the employees who were retrenched belong to different departments. A source told that about 1000 employees have been fired. However, with the arrival of new employees, the total number of employees of the company remains around 50,000.
Entered into legal dispute in US court
This decision has been taken by the company at a time when it has entered into a legal dispute in the US court regarding debt payment of one billion dollars. Byju had already said that it would lay off around 2,500 employees in the next six months from October 2022. The source also said that the recent layoffs are part of the company’s cost-cutting process.
First 2500 employees laid off
The company sacked about 5% of the 2,500 employees in the last six months from October 2022. Because it revealed plans to become profitable by March 2023. Byju’s founder and CEO Byju Raveendran had assured employees in October that there would be no layoffs after 2,500 employees.
It is expected that the retrenchment took place on June 16. In this, the employees were fired through in-meeting and phone calls. Let us tell you that Byju is one of the biggest startups in the country. This company employs about 50,000 employees.
