Byju’s lays off thousands of employees to cut costs
Amid news of edtech company Byju’s laying off 2,500 employees at its group companies, as reported by Moneycontrol, the company went under damage control and issued a statement, saying it was “optimizing” its teams at group companies. Was getting it done. It added that “the entire exercise involved less than 500 employees in Byju’s group companies”.
“We strongly deny the misinformation presented by Moneycontrol. In order to realign our business priorities and accelerate our long-term growth, we are optimizing our teams across our group companies. Byju’s throughout this exercise group companies of less than 500 employees,” said a company spokesperson.
According to a Moneycontrol report, Byju’s is looking to cut costs while reducing demand for edtech services after two years of high growth.
“Byju’s has fired full-time and contract employees from Topper, WhiteHat Jr. and its core team of sales and marketing, operations, materials and design teams,” Moneycontrol’s report quoted sources as saying.
“While on June 27 and June 28, Byju’s laid off more than 1,500 employees of Topper and Whitehat Jr., the two companies it acquired in the past two years, on June 29, it laid off nearly 1,000 employees from its original operations on e- sent mail. teams,” the Moneycontrol report quoted sources as saying.
They have significantly reduced the content, solution-writing and design teams in group companies. Some of these teams have been reduced to zero. Earlier they were laying off employees from the companies they have acquired so that their names do not come directly, but now they have removed the employees from its core operations, Moneycontrol’s report further said, citing source-based information.
A Moneycontrol report states that Byju’s has laid off around 1,200 employees from Topper alone. Quoting sources, it said that about 300-350 permanent employees were laid off from the topper, while another 300 employees were asked to resign, or were told that they would not be paid for about 1-1.5 months. will get.
“Besides, around 600 contractual employees were laid off whose tenure was to end around October or November this year,” it further said quoting sources.
The report said the top administration cited cost-cutting and redundancy in roles as the reasons behind the layoffs.
Moneycontrol’s report quoted sources as saying, “Byju’s also wants to integrate Topper’s operations with itself. So, for obvious reasons, apart from teachers, many roles will become redundant. There are only about 100 employees left in Topper. Huh.” ,