When it comes to layoffs among Indian startups, the edtech company Byju’s has topped the list. In three phases since October 2002, the company has let go of more than 4,000 employees. The Bengaluru-based company is laying off another 100 workers as part of a new downsizing initiative, citing a regular performance review.
However, Byju’s asserts that people were let go due to performance issues and shouldn’t be viewed as a cost-cutting measure, despite sources indicating that it’s yet another layoff at the troubled company. “There are no fresh layoffs in the post-sale division. In fact, during the past two months, as part of our commitment to augmenting this division, Byju’s has recruited 200 new professionals.”
The change occurs as Byju’s is attempting to resolve a debt crisis that it has been dealing with for a while. Another deadline set by the company’s creditors to modify the terms of a $1.2 billion debt was missed. The ad hoc term loan lenders’ steering committee stated in July that it would cooperate with the edtech behemoth to sign and complete the term loan amendment by August 3. The organization run by Byju Raveendran, though, fell short of the standards.
