BYJU's Layoffs Continue - 1000 More to Go

After having fired 2,500 staff last year, and another 1,500 employees this year Byju’s is all set to layoff 1000 more from its workforce.

The tensions with its creditors regarding the interest on the term loan it took in November 2021 has put the India’s leading Edtech in financial trouble. It had raised $1.2 billion from the investors lead by Redwood, an American investment firm. To cut further losses, and reduce operations overhead from their online coaching business, as their sales has been taking a nosedive since the covid19 restrictions began to ease out.

The company is looking to cut at least 1,000 more jobs again like it did six months earlier, to bring down expenses and streamline its operations. This time the layoffs reportedly will impact mostly the sales and marketing staffing. Center Managers have been told to sack two employees each from sales and marketing teams, across its 280 tuition centres in India.

Almost 100+ marketing managers themselves may also be handed the pink slip. A two months of salary would be given out as severance pay as a final settlement. Many of the senior level managerial employees have already quit the firm from its headquarters in Bengaluru, says a lot about the company's current affairs as against its claims of having 'sufficient cash reserves'.