Byju’s laid off thousands of employees to cut costs
As reported by Moneycontrol, the edtech company has laid off 2,500 employees in its group companies, the damage control company has released a statement saying it is “optimizing” its teams in group companies. It added that “the entire exercise involved less than 500 employees in Byju’s group companies”.
“We strongly deny the misinformation presented by Moneycontrol. To recalibrate our business priorities and accelerate our long-term growth, we are optimizing our teams within the companies that belong to us. This entire exercise involved less than 500 employees from across Byju’s group companies,” a company spokesperson said.
As Moneycontrol reports, Byju’s is looking to cut costs as demand for edtech services is dwindling after two years of excessive growth.
“Byju’s has laid off full-time and contract staff from Toppr, WhiteHat Jr, and its core teams across sales and marketing, operations, content, and design teams,” the sources cited. Moneycontrol report said.
“While on June 27 and June 28, Byju laid off more than 1,500 employees from Toppr and WhiteHat Jr, two companies it acquired over the past two years, on June 29 it sent e-mail to nearly 1,000 employees from its core operations. Moneycontrol’s report adds, citing sources.
They have drastically reduced content, solution writing, and design teams in corporate companies. Some of these teams have even been reduced to 0. Previously, they fired employees from the companies they acquired so their names wouldn’t appear directly, but now they’ve fired employees from core operations of the company, the Moneycontrol report adds, citing source-based information.
The Moneycontrol report adds that Byju’s has laid off about 1,200 employees from Toppr alone. Citing sources, around 300-350 Toppr permanent employees have been laid off, while another 300 employees have been asked to bid to resign or were told they won’t receive a salary for about 1-year period. 1.5 months.
“Furthermore, about 600 contract workers have been laid off, whose terms are scheduled to end around October or November this year,” it said, citing additional sources.
The report adds that senior management cited cost-cutting and redundancy in roles as the reasons behind layoffs.
“Byju’s is also looking to integrate Toppr’s operations with itself. So for obvious reasons, beyond educators, many roles will become redundant. Right now, there are only about 100 employees left. staff at Toppr,” the Moneycontrol report added, citing sources.
