3,500 Byju’s employees in firing line
It’ll be the last lay off as entire exercise will be over by Oct: Sources
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Rejig Mode
♦ Edtech major had over hired people during Covid pandemic
♦ As it had robust demand for online education
♦ The demand has now receded
♦ It’s in the process of restructuring
♦ Around 1,000 people were already serving notice periods
♦ Another 1,000 have not completed their performance improvement parameters
New Delhi: Edtech major Byju’s may lay off up to 3,500 employees during the current fiscal as it looks to consolidate teams and enhance regional focus, sources privy to the development said.
According to one of the sources, Byju’s had over hired people at the time of Covid pandemic due to sudden jump in online education, but the demand has now receded, for which the company needs to do the course correction.
“There has been no retrenchment as of now. The company is in the process of restructuring and assessing demand across various units. Around 1,000 people were already serving notice periods, and another 1,000 have not completed their performance improvement parameters. Assessment is still underway. About 3,000-3,500 may be impacted due the whole exercise,” a source, who did not wish to be identified, said.
The sources said this will be the last lay off at Byju’s payroll and the entire exercise will be over by October end.
