Byju's Layoffs 2023: Byju's likely to layoff 1,000 more employees in a cost-cutting effort: Reports

Byjus Layoffs 2023: Amid the hovering debt woes and legal tussle in the U.S, edtech startup Byju's is expected to cut 1,000 more employees reported The Morning Context.

As per the report, the employees who would be affected are contractual staff on ground sales team. These employees are hired from third-party staffers such as Randstad and Channelplay.

As per The Economic Times, this new round of layoff is in an effort to cut cost. The edtech company hires or let go of contractual employees based on the seasonality and demand of the business.

“It is no surprise that Byju’s is looking to cut costs now, especially when growth has completely stalled, and the focus for them is on building a hybrid play with (test-prep subsidiary) Aakash.

It seems like a hybrid strategy is one of the last straws left for online edtech as it gets harder to sell online courses,” said a person who spoke to ET.

This cost cutting measures come after Byju's skipped paying the quaterly interest of about $40 million earlier this week on a $1.2 billion term loan. This loan is now under litigation.

Earlier this year, the company had laid off 900 to 1000 employees across several verticals including product, content, technology and media teams.

Byju's had reportedly sacked many top executives including senior vice-presidents who were taking salaries of Rs 1 crore and above, per annum.