Byju’s hands over pink slips to at least 1000 employees as funding winter worsen
- ByStartupStory | February 2, 2023
Byju’s has laid off another 1,000-1,200 workers as the world’s most valuable edtech firm seeks to cut costs amid slower revenue growth and a worsening funding winter, Moneycontrol reported.
According to at least three people familiar with the situation, the company is laying off employees from the engineering, sales, logistics, marketing, and communications teams on February 2. According to sources, the engineering team has lost about 300 employees, while the logistics team has lost half of its members since October. According to another source, Byju’s has outsourced logistics, resulting in a 50% reduction in the size of the company’s in-house logistics team.
Notably, Byju Raveendran, co-founder and CEO of Byju’s, reassured employees in multiple internal emails that the company would not lay off anyone after cutting 5% of its workforce, or approximately 2,500 employees, in October.
In an internal email to employees in October, Raveendran said, “Byju’s will prioritise rehiring the laid-off employees as it restructures and hires again for ‘newly created relevant roles.”
Follow Startup Story
Related Posts
