As part of its reorganisation process, edtech giant BYJU’s has let go close to 1,000 employees across departments, according to individuals familiar of the development on Monday. The latest round of layoffs occurs while the business is engaged in litigation with US lenders over term loan B, a USD 1 billion loan.
“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 spoke to PTI who reported about the recent development in the company.
BYJU’s had announced laying off roughly 5% of its 2,500 employees over a six-month period beginning in October 2022 as part of the company’s strategy to turn a profit by March 2023.
“The recent layoff is part of the company’s cost optimisation process,” the source added.
However the company had not yet posted any comment on the recent alteration within the venture.
