Byju’s lays off 500 and may drop more people in latest edtech crisis

In continuation of the recent trend, another edtech major has issued pink slips to hundreds of employees. Bengaluru-based Byju’s — valued at $22 billion — has laid off about 500 employees at its group companies —WhiteHat Jr and Toppr. It’s a move to drive cost efficiency, according to the company.

The number of layoffs, cutting across various department functions, may increase, sources said.

This comes at a time when the Byju Raveendran-led firm was planning an IPO. The company wants to go public by next year. It may do a primary listing in the US and a secondary one in India or vice-versa, reports had suggested earlier. Both the US and India are key markets for Byju’s.