Tiger Global-backed Byju's has fired about 1,500 employees, including senior executives, in the second layoff exercise by India's most valuable startup in about four months, said four people familiar with the matter.
The layoffs, which underscore the current liquidity crunch in the edtech sector and the broader startup ecosystem, are part of the edtech unicorn's strategy to optimize costs and outsource operations, the people said on the condition of anonymity.
The latest job cuts are in addition to the 2,500 employees sacked by Byju's in October, which comprised 5% of its 50,000strong workforce at the time.
The people cited above said that those impacted by the new round of layoffs are mainly from the design, engineering and production verticals.
A senior official at Byju's and one of the four people cited above said the new round of firings were planned in October itself.
Diese Geschichte stammt aus der February 03, 2023-Ausgabe von Mint Mumbai.
Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.
Bereits Abonnent ? Anmelden
Diese Geschichte stammt aus der February 03, 2023-Ausgabe von Mint Mumbai.
Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.
Bereits Abonnent? Anmelden
How to make Elon Musk's budget-slashing dreams come true
Any serious fiscal policies must go through Congress. That may end up being the key test of DOGE and Trump
BOREDOM: THE INVISIBLE CAUSE OF RISING ATTRITION
They deliver on the job, but many employees are just going through the motions with one eye on the exits
Viksit Bharat needs big plans and coordinated action
Let's transform manufacturing and agriculture, decarbonize the economy and unleash growth led by women
Indonesia will need to tread a fine line after T rump's return
Jez/farms relations with China mustn,t send out the wrong signals
What if Donald Trump keeps his promises on economic policy?
The 2024 US election is one of those rare instances where there is palpable fem that the winner will actually follow through
The Indian state is still to fully unshackle our economy
Economic success needs the state to function as an enlightened referee and be less statist
Let's tackle the harsh realities of mental health at the workplace
Ensure an inclusive work environment with policies of reasonable accommodation and support
Hypersonic weapons in the age of A!: Be careful
Indias hypersonic missile marks a leap and updates its nuclear deterrence. But dangers lurk in the global race for these speedy and sneaky weapons, wit/z AI -use posing new risks
How working abroad gives young Indians a wealth edge back home
Working overseas gives them the advantage to earn in stronger currencies and benefit from exchange rates
FALLING MARKETS ARE JUST WHAT YOU NEED: HERE'S WHY
For some of you, a market downturn may be an ideal time for a complete financial reset
