Edtech major BYJU has laid off around 1,000 employees across departments as part of its restructuring process, said sources with knowledge of the development on Monday. The latest round of firings comes at a time when the company has entered into a legal battle with lenders for a term loan of USD 1 billion in the US.
Byju’s has laid off around 1,000 employees, a source familiar with the matter told PTI.
BYJU’s had announced plans to cut about 5 per cent of the 2,500 employees in six months starting October 2022 as it revealed the company’s plan to become profitable by March 2023. “The recent layoffs are part of the company’s cost optimization process,” the source said.
An email query sent to BYJU’s did not elicit any response.
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