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Byju’s lays off at least 1,000 more employees as sales falter, funding winter worsens – Moneycontrol

None of the employees were told about the layoffs over mail, as emails tend to get leaked, sources said. Byju’s rather told employees over normal and WhatsaApp calls to join a call over Google Meet and were informed about the layoffs there, sources said

Mumbai/Bengaluru / February 02, 2023 / 03:57 PM IST

(Illustration) The latest round of layoffs comes at a time when Byju’s has been looking to cut costs aggressively since last year after it reported a net loss of Rs 4,589 crore in FY21 (2020-21)

Byju’s has laid off another 1,000-1,200 employees, as the world’s most-valued edtech company seeks to bring down costs amid slower revenue growth and a worsening funding winter.

The company is laying off people from the engineering, sales, logistics, marketing and communications teams, at least three people familiar with the matter told Moneycontrol on February 2.  From the engineering team, about 300 employees have been sacked, while the logistics team’s strength has come down to 50 percent since October, sources said. Another source said that Byju’s has been outsourcing logistics and so the company has reduced its in-house logistics team size by 50 percent.

Notably, Byju Raveendran, co-founder and Chief Executive Officer (CEO) of Byju’s had reassured employees in multiple internal emails that the company would not be laying off anyone since it cut 5 percent of its staff or about 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.”