BYJU’S to lay off up to 3,500 employees this fiscal

Edtech major BYJU’S may lay off up to 3,500 employees during the current fiscal as it looks to consolidate teams and enhance regional focus, sources privy to the development said.

According to one of the sources, BYJU’S had “over hired” people at the time of Covid pandemic due to sudden jump in online education, but the demand has now receded, for which the company needs to do the course correction.

“There has been no retrenchment as of now. The company is in the process of restructuring and assessing demand across various units. Around 1,000 people were already serving notice periods, and another 1,000 have not completed their performance improvement parameters. Assessment is still underway.