Byjus has decided to lay off around 4,000 employees or over 11 per cent of its total workforce over the next few weeks 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.
The restructuring exercise will be undertaken by Arjun Mohan, who was recently elevated as chief executive officer (CEO) of its India business, replacing Mrinal Mohit, according to the sources.
A Byjus spokesperson declined to reveal the total number of employees who would be impacted but said the firm is in the final stages of a business restructuring exercise.
We are in the f…
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