Amid information of edtech firm Byju’s having laid off 2,500 staff throughout its group firms, as reported by Moneycontrol, the corporate went into injury management and issued a press release saying, it was “optimising” its groups throughout group firms. It added that the “whole train includes lower than 500 staff throughout Byju’s group firms”.
“We strongly deny the misinformation offered by Moneycontrol. To recalibrate our enterprise priorities and speed up our long-term progress, we’re optimizing our groups throughout our group firms. This complete train includes lower than 500 staff from throughout Byju’s group firms,” an organization spokesperson mentioned.
In line with the Moneycontrol report, Byju’s is seeking to minimize prices with demand for edtech companies moderating after two years of extreme progress.
“Byju’s has laid off full-time and contractual staff from Toppr, WhiteHat Jr, and its core staff throughout gross sales and advertising, operations, content material and design groups,” the Moneycontrol report quoting sources mentioned.
“Whereas on June 27 and June 28, Byju’s laid off over 1,500 staff from Toppr and WhiteHat Jr, the 2 firms it acquired over the past two years, on June 29, it despatched out e-mails to almost 1,000 staff from its core operations groups,” the Moneycontrol report added, quoting sources.
They’ve decreased content material, solution-writing and design groups drastically throughout group firms. A few of these groups have even been decreased to zero. Earlier they have been shedding staff from the businesses they acquired in order that their identify does not come straight, however now they’ve laid off staff from its core operations, the Moneycontrol report mentioned additional, citing source-based data.
The Moneycontrol report added that Byju’s has laid off about 1,200 staff from Toppr alone. Quoting sources, it mentioned that about 300-350 everlasting staff from Toppr have been laid off, whereas one other 300 staff have been requested to tender their resignations, or have been advised that they won’t get salaries for about 1-1.5 months.
“Furthermore, about 600 contractual staff have been laid off, whose tenures have been scheduled to finish round October or November, this yr,” it mentioned, quoting sources additional.
High administration cited cost-cutting and redundancy in roles as the rationale behind the layoffs, the report added.
“Byju’s can be seeking to combine Toppr’s operations with itself. So, for apparent causes, aside from educators, many roles will turn out to be redundant. Solely about 100 staff are left at Toppr proper now,” the Moneycontrol report went on so as to add, quoting sources.
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