Byju’s Lays Off Over 1,000 More Employees
The latest round of downsizing at the firm, which was last valued at $22 billion, has impacted workers across sales, marketing and communications and engineering departments. The layoffs are also learnt to have impacted certain senior level people at the firm.
Four months after it had laid off 2500 people, edtech firm Byju’s – india’s most valued start-up – is learnt to have fired at least 1000 more people, according to three people in the know.
This equals close to 15 per cent of the start-up’s existing workforce that it has handed pick slips to.
The latest round of downsizing at the firm, which was last valued at $22 billion, has impacted workers across sales, marketing and communications and engineering departments. The layoffs are also learnt to have impacted certain senior level people at the firm.
Byju’s did not respond to a request for comment on the latest layoffs.
In October 2022, the firm had fired 5 per cent of its workforce after it had cut hundreds of jobs in June amid a global funding winter that impacted companies across sectors, setting back their plans — including Byju’s — to go public this year.The firm had framed the layoffs as a way to improve its finances and achieve profitability.
Notably, when it had made that announcement, Byju’s had said that it will continue to hire across all levels and end this financial year as a “net hirer”.It claimed to have plans of hiring 10,000 more teachers in the coming year, and senior leadership.
In fact, post the layoffs, Byju Raveendran, co-founder and chief executive officer of Byju’s had reassured employees in an internal email that the firm would not be laying off anyone.
Its FY‘21 results, which the firm had filed following an 18-month delay, had shown that Byju’s lost more than Rs 12 crore everyday. It posted a revenue of Rs 2,428 crore as its losses in the fiscal rose 17-fold to over Rs 4,500 crore, the highest ever posted by an Indian start-up.
At the time Byju’s had attributed the mounting losses to a change in the way it calculated its revenue, which its auditor Deloitte asked it to calculate on a rateable basis.
Byju’s has previously said that for FY22, it has clocked Rs 10,000 crore in gross revenue.
However, these are unaudited results, and the firm is yet to file its latest financial statements with the Ministry of Corporate Affairs.
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