Byju’s to lay off 1,000 employees to reduce costs

Edtech major Byju's plans to slash more jobs as another cost cutting measure to streamline operations, reported Economic Times.The latest round of job cuts will affect the contractual staff across on-gound sales team, according to the report. It comes at a time when Byju's has filed a lawsuit against the lenders of its $1.2 billion term loan B, which it raised in the US in November 2021.

The company has also said that it will not be making any further interest payments until the case is resolved.Earlier, this year the company had slashed nearly 1,500 employees, in another round of layoffs according to media reports.BYJU's announced in October 2022 that it would eliminate 2,500 employees by March 2023. Byju’s founder and chief executive officer Byju Raveendran in October had assured employees that no further layoffs beyond the planned 2,500 staff.