Byju’s denies report on laying off 12,000 staff, says job cuts not more than 2,500

Edtech major Byju’s is planing to lay off about 12,000 employees, nearly a quater of its workforce, according to a report by the Morning Context quoting sources.

Valued at around $22 billion in September, the online learning platform had in May reported a loss of Rs 4,564 crore ($554.77 million) for fiscal 2021 due to higher promotion and employee expenses.

The startup, which employs 50,000 people, had said that it expects layoffs at its product, content, media and technology teams as well as revision of sales and marketing approaches to result in “sizable savings with no impact on growth”.