Byju's lays off 500 employees
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.
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