Byju’s Layoff: Around 500 employees are being laid off amid efforts to bring financial crisis-hit edutech platform Byju’s back on track. Sources said the layoffs are part of business restructuring efforts. This started 15-20 days ago and around 500 employees may be affected in the process. The latest round of job cuts will affect sales workers, teachers and some tuition centres. However, sources said Byju’s may need to streamline things further only in a worst-case scenario. It is reported that some affected employees have been informed about layoffs over phone. But Byju’s has not given any official statement regarding the layoffs.
Company in final stages of business restructuring exercise
“We are in the final stages of the business restructuring exercise announced in October 2023 to simplify the operating structure, reduce cost base and better cash flow management,” a Byju’s spokesperson said in an email response. A spokesperson for Byju’s, which is embroiled in legal disputes, said it regretted the “unfortunate situation” the company has been forced into. Byju had earlier indicated that the business revamp exercise would impact around 4,500 people.
Earlier about 3000 people were evacuated
Around 2,500-3,000 people were laid off from jobs in October and November last year. Even though about 3,000-3,500 people have been affected by layoffs so far, there is still a possibility of 1,000-1,500 more people being laid off. Byju had recently informed about the delay in paying March salaries to its employees. The company is making efforts to pay salaries to the employees till April 8.
March salary will be delayed
“We are writing to you today with a heavy heart but with a message of hope and confidence,” Byju’s said in an email to employees asking for the delay in March salaries. We regret to inform you that the disbursement of salaries will be delayed again… This irresponsible action of 4 foreign investors has forced us to stop the disbursement of salaries until the restrictions are lifted Are being given.’
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