August 2023
Edtech company Byju’s has laid off a lot of 100 employees amidst its struggle with term loan B and delay in filing its FY22 audited results. This comes after the company fired around 2500 employees in February 2023. In total, the company has fired more than 3600 employees so far.
A spokesperson, in clarification, told that they had also employed new professionals in the same period and these dismissals were not solely cost-cutting measures. The layoffs were a part of the periodical performance review where the employees who did not meet the expectations after the performance improvements plan were removed in line with proper procedures. He further added that performance and futuristic vision, and not cost-cutting, was the guiding light behind these dismissals.
Byju’s step comes amidst a spate of layoffs where a number of edtech platforms have handed pink slips to their employees, including Unacademy, Vedantu, and Lido Learning. This is backed by an attempt to engage in cost-cutting due to a challenging environment. Edtech companies at present are plagued by rising interest rates and regulatory hurdles.
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