Byju's to fire 500 employees amid financial strain: Report
Byju's layoffs: Byju's is laying off around 500 employees due to a financial strain, according to sources. According to trusted sources, the layoff at the struggling edtech company began 15-20 days ago and will affect 500 people.
Meanwhile, the edtech firm has stated that it is in the last phases of business restructuring to streamline operations. Sources did, however, point out that the edtech player may not need to resort to additional rationalisation, except in the 'worst-case scenario'.
The most recent wave of job losses will include sales functions, teachers, and some tuition centres.
There was no official announcement from Byju's, which is involved in a legal dispute with some of its investors, on the layoffs. A few staff members were allegedly communicated about the development over the phone.
When contacted, Byju's spokesperson responded via email: "We are in the final stages of a business restructuring exercise announced in October 2023 to simplify operating structures, reduce the 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 circumstances," the company added.
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