As stated by The Economic Times, Byju’s has commenced a new round of layoffs, reportedly affecting approximately 500 employees. The affected employees are being notified via phone and are not allowed to serve their notice periods before termination.
Amidst financial challenges, the company is in turmoil, struggling to secure sufficient funds to sustain its operations smoothly. Sources familiar with the matter revealed that around 240 employees were associated with Byju’s Tuition Centre operations, while others were part of different business verticals such as K-10 and examination preparation.
A company manager cited insufficient funds as the reason behind the layoffs, stating that over eight weeks, the least productive employees were selected for termination without being placed on a performance improvement plan (PIP) or given any prior notice.
Though the exact number of affected individuals remains undisclosed, the layoffs are part of a strategy announced in October 2023 to simplify the business, reduce expenses, and enhance cash management.
As an independent media platform, we do not take advertisements from governments and corporate houses. It is you, our readers, who have supported us on our journey to do honest and unbiased journalism. Please contribute, so that we can continue to do the same in future.
