BYJU'S lays off 600 employees from its content team
By Lokmat English Desk | Published: November 9, 2023 02:42 PM2023-11-09T14:42:38+5:302023-11-09T14:43:29+5:30
Troubled edtech giant BYJU’S laid off nearly 600 employees from the content and marketing teams in October as part ...
Troubled edtech giant BYJU’S laid off nearly 600 employees from the content and marketing teams in October as part of its ongoing restructuring exercise.The move impacted the content and video team more than the marketing team as the former division was shut entirely, the sources said, adding that teachers and educators who were part of the content production team were also impacted by the move.
Last month Byju’s decided to lay off around 4,000 employees or over 11 per cent of its total workforce as part of a restructuring exercise as the struggling edtech giant faces a severe funding crunch, battles lenders and has faced a markdown in its valuation, according to the sources. The Bengaluru-based firm has a total of about 35,000 employees.
Byju's recently said it will clear the full and final settlement dues of laid-off employees soon amid "difficult business restructuring".Early this year, Byju's laid off about 1,000 employees. Sources in the company said the move was part of the "optimisation" strategy that the edtech firm had announced last year, which included sacking 2,500 workers. In August this year, the firm handed the pink slip to 100 employees in a fresh round of layoffs, post a performance review. However, according to a media report, the edtech company has sacked about 400 people.Last year, Byju’s laid off about 600 at its group companies — WhiteHat Jr and Toppr. It said this was a move to drive cost efficiency.Open in app