November 22, 2024 16:09 (IST)
Follow us:
facebook-white sharing button
twitter-white sharing button
instagram-white sharing button
youtube-white sharing button
Chhattisgarh: 10 Maoists killed during encounter with security forces in Sukma | Baba Siddique murder case: Arrested Akashdeep Gill used a labourer's hotspot to evade tracking, say police | Donald Trump picks 'smart and tough' Pam Bondi as new US Attorney General after Matt Gaetz withdraws | Canadian government denies media report that claims PM Modi knew of Khalistani leader Nijjar's killing | PM Modi bestowed Dominica's highest award at India-CARICOM Summit
Byju's lays off 500 employees
Photo courtesy: ICC Website

Byju's lays off 500 employees

| @indiablooms | 02 Apr 2024, 11:31 pm

Bengaluru: Cash-strapped ed-tech company Byju's has reportedly implemented layoffs, affecting approximately 500 employees, mainly in sales and marketing roles.

This decision comes amid challenges in securing capital for day-to-day operations, the Economic Times reported citing sources familiar with the matter.

It is understood that around 240 of the impacted employees were employed in Byju's Tuition Centre operations, while the others were part of its broader business segments focusing on K-10 education and examination preparation.

A senior manager within the organisation, speaking on the condition of anonymity to ET, revealed that the layoffs were driven by financial constraints. As per the sources, underperforming staff members were identified over an eight-week period.

However, affected employees were not placed on a performance improvement plan (PIP) nor were they given any prior notice.

This development comes a day after Monday's notification to employees regarding delayed salaries. According to media reports, the  delay was attributed to actions by conflicting investors, which have constrained fund usage through a rights issue.

Support Our Journalism

We cannot do without you.. your contribution supports unbiased journalism

IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.

Support objective journalism for a small contribution.