Byju’s initiates layoffs, to affect up to 1,000 staff

NEW DELHI: Troubled edtech startup Byju’s, which is currently engaged in a tussle with its term loan lenders, has initiated a fresh round of layoffs, which will impact about 500-1,000 full time employees across departments, sources said. Byju’s declined to comment. A source , however, said the firm’s attempt to rein in expenses and moves towards profitability necessitated the job cuts.

The startup, which has of late seen a series of valuation markdowns by its investors like BlackRock, has been striving to check costs, amid a tepid funding environment. The company had in October last year laid off as many as 2,500 employees. It is understood that the firm had recently also eliminated a few contractual positions, although the numbers couldn’t be verified.