In a major change as the Indian edtech space has shrunk significantly, online learning giant BYJU has cut at least 600 jobs – laying off 300 employees on its Topper learning platform and another 300 on coding platform WhiteHat Jr. asked for.
As for the Toppr layoff that it acquired last year for $150 million, BYJU confirmed the development, saying it had “completed the integration of Toppr and absorbed approximately 80 percent of its talented workforce into BYJU’s ecosystem.” Is”.
After the acquisition was completed, Topper’s sales and marketing department employees were retained, while employees from other departments were asked to leave.
As a next step, “we are re-examining business priorities and optimizing teams to accelerate our long-term growth,” a company spokesperson said.
Earlier, online coding provider WhiteHat Jr., the beleaguered platform under the umbrella of edtech giant BYJU, which it acquired for $300 million, laid off nearly 300 employees, with more than 1,000 of its employees returning to office in April-May. Resigned after being asked to.
This time, most of the employees fired were from the code-learning and sales teams on the platform and some of them worked in Brazil.
In a statement, the company said that “in order to align with our business priorities, we are optimizing our team to accelerate results and best position the business for long-term growth”.
The layoffs at BYJU come amid reports that it has delayed payments to stakeholders as part of its $1 billion acquisition of Aakash Educational Services, to which the company said the acquisition process is “on track and to be completed by August”. are supposed to”.
BYJU acquired Delhi-based offline test preparation services provider Aakash for $1 billion last year.
A company spokesperson told IANS that “Akash’s acquisition is on track and all payments are expected to be completed by the due date i.e. August 2022.”
“Aakash is our most successful acquisition to date and we are extremely proud to have them on board,” a company spokesperson said.
“Along with all our group companies, we are fully positioned to provide access to quality education in all learning areas from elementary education to exam preparation and career success,” the spokesperson said.
Aakash Educational Services provides exam preparation services for Medical & Engineering Entrance Exams, School / Board Exams and other exams through Aakash Centers.
EdTech Unicorn made at least 10 acquisitions last year for a cumulative transaction value of approximately $2.5 billion.
Led by edtech platforms like Unacademy, WhiteHat Jr, Vedantu, FrontRow, Udayy, Lido Learning and others, over 10,000 start-up employees have been laid off in the country.
The layoffs come as the edtech sector has been hit hard by global macroeconomic conditions and the reopening of schools, colleges and physical learning centres.
read all breaking news , today’s fresh news watch top videos And live TV Here.