Amid escalating tensions between the creditors, the edtech Byju’s is set to lay off another 1,000 jobs more jobs six months after the massive round of layoffs. According to the sources, the company is planning the move to cut down the expenses in sales and marketing teams the most.
The process of streamlining will reportedly impact employees. As per reports, managers have been asked to sack two employees each from sales and marketing teams across the 280 centres in India. In addition to this, the company will also pay a two-month salary as severance pay amidst a cash crunch, while many other senior managers and assistant general managers have already left the organisation in Bengaluru.
It is to be noted here that Byju also hires or releases contractual employees based on seasonality and demand in business.
The announcement comes as Byju is suing the holders of its USD 1.2 billion term loan B, which it raised in November 2021, with the American investment management firm Redwood leading the effort. The corporation said that it would not be paying any additional payments until the dispute has been addressed after declining to pay the USD 40 million in interest that was due on Monday.
Notably, Byju’s had fired 2,500 staff last year followed by 1,500 employees earlier this year. Along with that, the CEO Raveendran also assured the staff that no further layoffs will be undertaken.
The Enforcement Directorate has conducted searches at the premises of Byju Raveendran for alleged violations of the foreign funding laws.
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