Tuesday, March 05, 2024
Outlook.com
Outlook India
Outlook Business

Byju’s Lays Off 1,000 Employees Across Departments: Report

In the past two years, the company has cut more than 3,000 jobs in separate rounds

Byju’s Lays Off 1,000 Employees Across Departments: Report
POSTED ON June 20, 2023 9:50 AM

The layoff saga in the Indian tech space continues to hammer the employees. The latest to join this bandwagon is the highly-valued Indian edtech giant Byju’s, which reportedly has downsized its bandwidth by two per cent as a cost-cutting measure. 

In the past two years, the company has cut more than 3,000 jobs in separate rounds. This time, the move is going to affect 500-1000 staff. 

“Employees were told on Friday (June 16) that it would be their last working day. There was no prior communication. Following some reports in the media, employees were constantly asking the HR and their managers if there would be any layoffs but we heard there wouldn’t be any,” an employee told Moneycontrol. 

Multiple media sources have claimed that the company is planning to give a salary of two months to the impacted employees. It has also agreed to send a full and final settlement by September-October. However, the edtech start-up is not going to provide any extra severance to its employees. 

The development came a couple of weeks after it denied to pay $40 million out of its $1.2 billion Term Loan B (TLB) and filed a lawsuit against one of its lenders in the New York Supreme Court. 

Since 2022, the edtech firm has been in the news for the wrong reasons. The company reported a loss of Rs 4,588 crore in the delayed audit report for the financial year (FY) 2021. Last October, it announced a five per cent rationalisation of its 50,000-strong workforce, which resulted in 5,000 staff losing their jobs. Recently, the US-based investment firm Blackrock downsized its valuation by 60 per cent. 

  • Related Articles

    The programme enables seed and A-round startups to deploy the power of Apache Kafka while maintaining the speed and agility that early-stage businesses need

    Confluent Announces Confluent For Start-Up Programme In India

    As part of the partnership, Al Multaq has invested an undisclosed amount in Thriwe to support the latter’s regional launch and operations

    Thriwe Expands Operations In Saudi Arabia Through Partnership With Al Multaq Group

    The partnership will help both companies to fulfill their mission of making education accessible throughout the country

    PhysicsWallah Joins Hands With Xylem Learning To Bolster Business In Southern Markets