BYJU'S To Fire 2,500 Employees After Recording 20X Jump In Losses

BYJU’S Layoffs: Employee Unions Invoke Labour Laws, Prepare For A Legal Fight

Various state employee unions are in talks to approach union labour ministry against the alleged labour laws violations by BYJU's

SUMMARY

The startup said it has laid off employees to avoid duplications of roles

BYJU’S said it is consolidating its K-10 acquired businesses such as Toppr, HashLearn, Scholar, among others, into one business unit

The startup, which saw a 20X increase in its loss to INR 4,588 Cr in FY21, said it is targeting profitability by the end of FY23

Edtech giant BYJU’S on Wednesday (October 12) said that it will be laying off around 2,500 employees, constituting 5% of its workforce across product, content, media, and technology teams.

In a statement, the edtech decacorn, last valued at $23 Bn and backed by Prosus Ventures, Sequoia Capital, and other marquee investors, said that it has taken the drastic step to attain profitability by the end of the ongoing financial year (FY23).