In an effort to streamline operations and reduce costs, edtech giant Byju’s has announced a second round of layoffs, impacting approximately 500-1,000 employees. The company has been facing challenges in attracting customers to its digital K-12 (Kindergarten to Grade 12) program, prompting the need for cost-cutting measures.
The latest round of layoffs follows a previous round that took place last week. Reports indicate that employees from various departments including marketing, sales, business development, as well as products and technology functions, will be affected by the workforce reduction.
An anonymous company employee revealed, “Throughout this year, there have been ongoing discussions with leadership to trim costs, and the internal mandate has been to let go of at least 3,500 employees this year, if not more.”
This is not the first time Byju’s has implemented such measures. In February of this year, the company laid off over 1,000 employees, amounting to 15 percent of its engineering teams. Additionally, in a bid to achieve profitability by March 2023, Byju’s decided to lay off 2,500 employees, equivalent to 5 percent of its total workforce, last year.
Byju’s, which has gained significant prominence in the edtech industry, has faced challenges in recent times as it seeks to expand its customer base and increase adoption of its digital learning solutions. The competitive landscape and evolving market dynamics have put pressure on the company to optimize its operations and streamline costs.
The decision to implement further layoffs reflects Byju’s ongoing efforts to align its workforce with the evolving needs of the business. By reducing its employee count, the company aims to achieve greater efficiency and cost-effectiveness, allowing it to navigate the challenging market conditions and work towards its long-term profitability goals.
While these measures may be necessary for the company’s financial stability, they undoubtedly impact the individuals affected by the layoffs. Byju’s will need to handle the process with sensitivity, providing necessary support to impacted employees during this transitional period.
As Byju’s navigates through these organizational changes, it remains to be seen how the company will adapt its strategies to address the evolving demands of the edtech sector and regain momentum in its growth trajectory.
Sources By Agencies