Tech Layoffs 2024: Edtech poster boy Byju’s continue with layoffs

Saurabh Gupta

2 years ago

Layoffs , Edtech company Byju’s initiated layoffs on phone calls and is letting go employees without putting them on a performance improvement plan (PIP), Moneycontrol reported citing people in the know. The company is also not asking employees to serve a notice period, the report claimed.

Troubled edtech Byju’s has laid off about 500 staffers, largely across sales and marketing functions, at a time when it is struggling to raise capital for day-to-day operations, as per sources familiar with the development.

In the past two years, Byju’s has sacked at least over 10,000 employees as the company grapples with dwindling funds and legal showdowns with investors and stakeholders. Currently, nearly 14,000 employees are on the payroll of Byju’s India entity.

A Byju’s spokesperson told Moneycontrol, “We are in the final stages of a business restructuring exercise announced in October 2023 to simplify operating structures, reduce the cost base, and improve cash flow management.”

In the current wave of layoffs, Byju’s is following phone calls with emails that read, “This is to confirm that your last working day with Think and Learn Pvt Ltd will be March 31, 2024. Your full and final settlement will be done as per the exit policy. Please hand over all the assets and proprietary information of the Company that are in your possession to enable processing your full and final settlement. In case of any queries on exit formalities, please contact separations@byjus.com.”

The once-leading Edtech company is dealing with a massive cash crunch. Byju’s has conducted several rounds of layoffs since the beginning of 2022 as the company grapples with slowing demand and a limited financial runway.