BYJU’s Layoffs To Leave More Employees Out Of Jobs In Fresh Cost Cutting Drive: Report

BYJU’s layoffs come at a time when the company skipped a quarterly interest payment of about $40 million

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Updated: 09 Jun 2023 8:31 am

BYJU’s layoffs may reportedly hit employees again! As per updates, the edtech start-up may slash more jobs in a fresh cost cutting drive.

According to a report in the Economic Times, BYJU’s layoffs, which have already impacted many people, may once again leave many out of jobs in this fresh round of job cuts. Those likely to be impacted in this round of BYJU’s layoffs are contractual staff of on-ground sales teams, mostly from third-party staffers like Randstad and Channelplay.

The report also explains that BYJU’s hires and releases contractual employees on the basis of seasonality and demand for the business. As per Morning Context, about 1,000 people may be affected by this round of BYJU’s layoffs.

Even before this, BYJU’s has laid off many people in a bid to streamline its operations and cut costs in a tough economic landscape.

Further, BYJU’s layoffs in the name of cost correction also reportedly come at a time when the company skipped a quarterly interest payment of about $40 million. The payment had to do with a $1.2 billion term loan, which also happens to be a subject of litigation.

“It is no surprise that BYJU’s is looking to cut costs now, especially when growth has completely stalled, and the focus for them is on building a hybrid play with (test-prep subsidiary) Aakash. It seems like a hybrid strategy is one of the last straws left for online edtech as it gets harder to sell online courses,” the Economic Times quoted a source as saying.