Indian edtech major BYJU’S has decided to undergo a fresh round of layoffs over the next few weeks as part of a restructuring exercise, Business Today has learned from sources. This development comes as the edtech struggles with a severe funding crunch, battles lenders and has faced a markdown in its valuation.
Layoffs at BYJU’S
Sources claim that the layoffs would impact around 4,000 employees, which accounts to over 11 per cent of its 35,000 strong workforces. A company spokesperson confirmed this, but declined to reveal the actual number of employees who would be impacted. They noted that the edtech is in the final stages of a business restructuring exercise.
We are in the final stages of a business restructuring exercise to simp…
Read the full article at: https://www.businesstoday.in/entrepreneurship/news/story/byjus-confirms-fresh-round-of-layoffs-says-steps-being-taken-to-reduce-cost-base-399832-2023-09-27