Edtech Byju’s has announced to lay around 500-1000 employees in an attempt to cut costs, initiated by the company to streamline operations.
This is the second round of layoffs, the first happened last week. Reports suggest employees from the marketing, sales, business development as well as products and technology functions departments will be impacted.
The company has had a tough time gaining customers for its digital K-12 (Kindergarten to Grade 12) programme.
According to a report by Economic Times, a company employee, on conditions of anonymity said, “There have been back-to-back discussions with leadership to prune costs, throughout this year, and the internal mandate has been to let go of at least 3,500 employees this year, if not more.”
In February this year, BYJU laid off 15 percent (more than 1,000 workers) of its employees from its engineering teams.
BYJU last year decided to lay off as many as 2,500 employees or 5 percent of its workforce in order to achieve profitability by March 2023.
