BYJU’s begins layoffs, cuts roughly 1,000 jobs amid dispute with lenders: Report
Edtech major BYJU’s has laid off close to 1,000 employees across departments as part of its restructuring process, sources aware of the development said on Monday.
The fresh round of firing comes at a time when the company has entered into a legal battle with lenders in the US for USD 1 billion term loan B.
“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 aware of the development told PTI.
BYJU’s had announced cutting about 5 per cent of 2,500 employees over six months starting October 2022 as it unveiled the company’s plan to become profitable by March 2023.
“The recent layoff is part of the company’s cost optimisation process,” the source said.
An email query sent to BYJU’s elicited no reply.
