Edtech company Byju's lays off 500 employees

Low on funds About 500 workers, or more than 3% of Byju's entire workforce of 15,000, will be let go as part of a restructuring initiative.

The troubled edtech company is facing financial difficulties, dealing with lenders and investors, and its valuation has decreased.

Sales, marketing, and instructional positions at the company have been the most affected by the latest round of layoffs.

The recent layoffs are part of the restructuring process at an edtech company in Bengaluru that started last year. Around 4,500 workers are being let go. Arjun Mohan took over as CEO of the company's India division last year and is now leading the project. Approximately three thousand people were laid off in October and November of last year.

In the latest round of layoffs, HR executives fired employees by phone and then followed up with an email. Sources familiar with the matter confirm that the procedure for leaving was initiated promptly, and the individuals were informed that same day that it was their final working day.

Workers were informed by an HR executive today that it was their last day of work. Workers are grumbling about the HR officials' poor behavior.

Byju's laid off workers without providing a performance improvement plan or a notice period. Workers were laid off due to the company's poor finances, according to HR executives.

The source claimed that there was a great deal of stress among the workers. Byju's has chosen to postpone paying its employees' salary for a second consecutive month. The company is experiencing employee turnover, and many of them are searching for other positions. However, the employment market is competitive, and they are having trouble finding positions that pay as much as Byju's.

Though it withheld specific numbers, the company acknowledged the layoffs.

Byju's is finishing a business restructuring plan announced in October 2023 to improve cash flow, reduce costs, and simplify operations.