New Delhi: Edtech giant BYJU’s has sacked nearly 1000 employees across departments as part of its restructuring process. The job cuts will reportedly affect around 2 percent of the company’s workforce. To recall, the company had already cut more than 3,000 jobs in the past year in two separate rounds.
“BYJU’s has laid off close to 1,000 employees. However, the final headcount of the company remains around 50,000 because of the addition of new employees,” a source aware of the development told news agency PTI.
The fresh round of firing comes at a time when the company has entered into a legal battle with lenders in the US for USD 1 billion term loan B.
BYJU’s had announced cutting about 5 percent of 2,500 employees over six months starting October 2022 as it unveiled the company’s plan to become profitable by March 2023.
“The recent layoff is part of the company’s cost optimisation process,” the source said.
According to a Mint report, the layoffs are believed to have taken place on June 16 with employees being fired via in-person meetings and phone calls. The layoffs reportedly affected members of the platform, brand, marketing, business, product and tech teams.
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