1,000 Byjus employees get pink slip

February 03, 2023 12:07

Byju's has handed the pink slip to 900-1,000 employees in a fresh round of layoffs, according to media reports, although sources in the company said the move was part of the "optimisation' strategy that the edtech giant had announced last year that included sacking 2,500 workers.

The latest job cuts have swept across verticals such as product, content, media and technology teams, according to the people familiar with the matter. The Bengaluru-based firm has also reportedly sacked top officials including ones drawing annual salaries of Rs 1 crore and above.

The move by India's most valuable start-up comes amid a funding winter and steep losses. Byju's, valued at $22 billion, is targeting to be profitable by March this year.

According to the company sources, the layoffs are not new but part of the "optimisation' strategy involving laying off 2,500, or 5 per cent, of its employees. To avoid redundancies and duplication of roles, and by leveraging technology better, around 5 per cent of Byju's 50,000-strong workforce is expected to be laid off across product, content, media, and technology teams in a phased manner, according to the sources. The company declined to comment.

-- Business Standard/Peerzada Abrar

« Back to LIVE

TOP STORIES

'I Don't Know What I Am Going To Do'

The political heat in West Bengal has been giving the rising mercury levels serious competition since the high court order.

Impact Player creates a lot of confusion: Axar

'Every team is looking to play either a pure batter or a pure bowler as the Impact Player, and the all-rounders are not being used.'

Quality Control Orders: What does this mean for domestic industry?

From toys, footwear and furniture to insulated flasks, smart meters, and air coolers - the Central government over the last decade has mandated higher standards for production and imports of such items. Sample this: Till 2014, there...

Why Pant Apologised To IPL Cameraman

Rishabh Pant was at his aggressive best as he hammered GT bowlers during his knock of an unbeaten 88.

Rahul, Hema in fray as 89 seats go to polls in 2nd phase

In the second phase of Lok Sabha polls on Friday, polling is scheduled in all 20 seats of Kerala, 14 of the 28 seats in Karnataka, 13 seats in Rajasthan, eight seats each in Maharashtra and Uttar Pradesh, seven in Madhya Pradesh, five...