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Byju's To Lay Off 4,000 Employees Amid Restructuring
The company has decided to let go of over 11% of its total workforce, over the next few weeks as part of a restructuring exercise as it faces severe funding crunch, battles lenders and marked down valuation
Photo Credit : Byju's/Twitter,
According to media reports, Byju's has decided to lay off around 4,000 employees, or more than 11 per cent of its total workforce, over the next few weeks as part of a restructuring exercise as the struggling edtech giant faces a severe funding crunch, battles lenders, and has seen its valuation marked down. The Bengaluru-based company employs over 35,000 people.
According to the sources, the restructure will be led by Arjun Mohan, who was recently appointed CEO of the company's India operations, succeeding Mrinal Mohit.
A Byju's spokeswoman speaking to a media house declined to specify the overall number of employees affected but stated that the company is in the last phases of business restructuring.
