Retrenchment crisis at Byju's, 4000 employees hanging sword, company's cost cutting plan

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Byju's, the largest edutech firm in the country, is once again facing the threat of lay off. Company's CEO Arjun Mohan (Byju's CEO Arjun Mohan) has prepared a cost cutting plan by expediting the restructuring exercise. According to the report, around 4,000 employees may be laid off this time.

Retrenchment threat clouds over 11% workforce

Regarding this, Arjun Mohan, who took over as the CEO of Byjus in India last week, has informed the management of the company about this plan. According to a report, Byju's company, facing a funding crunch, is planning cost-cutting to streamline its operational structure. As part of this business restructuring exercise, it plans to lay off 11 percent of the company's total workforce. The number of these employees may be around 4000.

How many employees are currently working in Bangalore?

According to sources, the Bangalore-based edtech company has a total workforce of around 35,000. Earlier also in June 2023, the company had laid off 1000 people. According to the report, the new layoffs may affect the Indian employees of Byju's operating entity Think and Learn Pvt Ltd as well as Akash employees.

The value of the company has halved in a single year!

It is worth mentioning that American investors reduced their holding in Byju's last year. American asset manager BlackRock has reportedly slashed the valuation of edutech giant Byju by nearly 50 percent to $11.5 billion. Last year in June 2022, the value of the company was estimated at 22 billion dollars.

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