Byju's has initiated the process of letting go of about 500 of its employees in a fresh round of layoffs, reported The Economic Times.
This comes during a turbulent time for the company, as it's struggling to get enough money to keep operations running smoothly.
As per sources familiar with the development mentioned in the report, around 240 of them were working in Byju's Tuition Centre operations. While the others are part of the company's other business verticals, including K-10 and examination preparation.
A manager from the company said in the report that the layoffs happened because Byju's doesn't have enough money, and they had to choose the least productive employees over a period of eight weeks. He also added that the employees were not placed on a performance improvement plan (PIP) or given any notice.
The company didn't give exact numbers of how many people are affected but said that this is part of a plan they announced in October 2023 to make their business simpler, spend less money, and manage their cash better.
This news comes after employees were told that their salaries would be late because of some disagreements between investors. These investors aren't allowing Byju's to use the money they have raised through a rights issue.
