BYJU's lays off close to 1,000 employees across all departments
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.
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.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Power of Compounding: How many years will it take to reach Rs 3 crore corpus if your monthly SIP is Rs 4,000, Rs 5,000, or Rs 6,000
IRCTC Dividend 2024: Railway PSU announces 200% interim dividend - Check record date and other details
Power of Compounding: Salary Rs 25,000 per month; is it possible to create over Rs 2.60 crore corpus; understand it through calculations
Reduce Home Loan EMI vs Reduce Tenure: Rs 75 lakh, 25-year loan; which option can save Rs 25 lakh and 64 months and how? Know here
Top 7 Large and Mid Cap Mutual Funds with Best SIP Returns in 5 Years: No. 1 fund has turned Rs 15,000 monthly SIP investment into Rs 20,54,384; know about others
New Year Pick by Anil Singhvi: This smallcap stock can offer up to 75% return in long term - Check targets
PSU Oil Stocks: Here's what brokerage suggests on these 2 largecap, 1 midcap scrips - Buy, Sell or Hold?
09:50 PM IST