Layoffs Update: Now This company has laid off around 1,000 employees. The retrenched employees belong to different departments. The total number of employees of the company remains around 50,000.
Education-technology company Byju’s has laid off around 1,000 employees as part of its restructuring process. Sources gave this information on Monday. Sources aware of the development said that the employees who were retrenched belong to different departments. A source told PTI, “Byju’s has laid off around 1,000 employees. However, with the arrival of new employees, the company’s total employee strength remains around 50,000. The new phase of retrenchment in the company has started in the midst of a legal dispute in the US court regarding debt payment of one billion dollars.
Byju’s had earlier said that it would lay off around 2,500 employees in the next six months from October 2022. The source said the recent layoffs are part of the company’s cost-cutting exercise. An email seeking comment did not elicit any response from Byju’s.
Let us tell you that the company said in a statement on June 6 that it has filed a complaint regarding the debt in the New York Supreme Court. “Given that legal proceedings are now underway in both Delaware and New York, it is clear that the entire TLB is disputed,” the company said. Byju’s has denied rumors that its decision not to make interest payments indicates financial difficulties. In its statement, Byju’s said, ‘Byju’s remains financially sound with significant cash reserves.
