The online learning platform Byju’s has terminated around 15,00 people in a new round of layoffs, while insiders within the company claim the action was part of the optimisation strategy the tech behemoth unveiled last year, which also involved firing 2,500 employees.
According to the people familiar with the situation, the most recent job cuts have affected a variety of verticals, including the product, content, media, and technology teams. The report claims that the Bengaluru-based company has also fired high-ranking employees, including those who earned wages of at least Rs 1 crore annually.
In the midst of a funding crisis and significant losses, India’s most valuable start-up made this decision. Byju’s, with a $22 billion market cap, plans to turn a profit by March of this year.
Around 2,500 employees, or 5%, of the company’s workforce, will be let go as part of an “optimisation” strategy, according to company sources. Around 5% of Byju’s 50,000-person workforce is anticipated to be let go gradually across the product, content, media, and technology departments in order to reduce redundancies and role duplication as well as by better-utilising technology, according to the sources.
Also Read: Ram & Rahim Are Same For Us: Hindus Saved Dargah During Gujarat Riots 2002
