MUMBAI: After delaying employee
salary payments
for two months in a row,
cash-starved
Byju's has started fresh
layoffs
across departments. These are expected to impact about 500 company staff, sources aware of the development said.
While the bulk of job cuts will be implemented across the sales department, employees working with the company's tuition centres including teachers have also been affected.
Byju's
has shut 30 of its 292 tuition centres over the past few months. "The layoffs started 15-20 days ago. Jobs of several employees in the lower-to-mid-senior level has been terminated to avoid duplication of roles," sources said.
Byju's said in a statement that the downsizing is part of its business restructuring exercise effected by India CEO Arjun Mohan in Oct 2023 to simplify operating structures, reduce cost base and better cash flow management.
"As you are also aware, we are going through an extraordinary situation in the company because of the ongoing litigation with four foreign investors, where every employee and the ecosystem is going through tremendous stress, given the present circumstance," a company spokesperson said. Byju's currently has between 13,000-14,000 employees. Since Oct 2022, the Bengaluru-based startup has laid off over 5,000 employees.
English (US) ·