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.
Bu hikaye Mint Mumbai dergisinin February 03, 2023 sayısından alınmıştır.
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Bu hikaye Mint Mumbai dergisinin February 03, 2023 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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