Byju’s may reportedly cut as many as 5,000 jobs in the coming weeks. According to a report in TechCrunch, the Indian edtech major is planning another round of massive job as it looks to cut down costs amid a broad restructuring of its business. The report claims to quote sources familiar with the matter. The latest round of likely job cuts will follow a delayed IPO and pressure from lenders. The startup has already seen several rounds of job cuts. In all, it has eliminated over 10,000 full-time and contract positions in the past two years.
The Bengaluru-headquartered startup is said to be planning to remove redundant roles spanning both its offline and online ventures. This also includes eliminating many jobs in the marketing department as well as several high-paying senior executive roles, the person said. Arjun Mohan, who recently took over as the chief executive of the company’s India business, reportedly briefed senior executives that he will be merging several business verticals as part of the changes, which are expected to be rolled out later this week or early next week.
Byju’s statement on job cuts
“We are in the final stages of a business restructuring exercise to simplify operating structures, reduce the cost base and better cash flow management,” a Byju’s spokesperson said in a statement. “Byju’s new India CEO, Arjun Mohan, will be completing this process in the next few weeks and will steer a revamped and sustainable operation ahead,” the statement added.
The job cuts are reported to be implemented only at Byju’s parent, Think & Learn, and are not linked to any of its subsidiaries.
Valued at $22 billion last year, Byju’s has experienced a series of business setbacks in the past few months. This includes its auditor and board members quitting. In the last few months, it has also been negotiating the repayment of a $1.2 billion loan.
The Bengaluru-headquartered startup is said to be planning to remove redundant roles spanning both its offline and online ventures. This also includes eliminating many jobs in the marketing department as well as several high-paying senior executive roles, the person said. Arjun Mohan, who recently took over as the chief executive of the company’s India business, reportedly briefed senior executives that he will be merging several business verticals as part of the changes, which are expected to be rolled out later this week or early next week.
Byju’s statement on job cuts
“We are in the final stages of a business restructuring exercise to simplify operating structures, reduce the cost base and better cash flow management,” a Byju’s spokesperson said in a statement. “Byju’s new India CEO, Arjun Mohan, will be completing this process in the next few weeks and will steer a revamped and sustainable operation ahead,” the statement added.
The job cuts are reported to be implemented only at Byju’s parent, Think & Learn, and are not linked to any of its subsidiaries.
Valued at $22 billion last year, Byju’s has experienced a series of business setbacks in the past few months. This includes its auditor and board members quitting. In the last few months, it has also been negotiating the repayment of a $1.2 billion loan.
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