BYJU'S confirms fresh round of layoffs, says steps being taken to reduce cost base
It is worth noting that this would not be the first restructuring exercise at BYJU'S. Earlier this year, the edtech laid off about 1,000 employees. Late last year, the company let go of 2,500 employees.
- Sep 27, 2023,
- Updated Sep 27, 2023 1:13 PM IST
Indian edtech major BYJU'S has decided to undergo a fresh round of layoffs over the next few weeks as part of a restructuring exercise, Business Today has learned from sources. This development comes as the edtech struggles with a severe funding crunch, battles lenders and has faced a markdown in its valuation.
The edtech major has raised total funding of $5.8 billion from investors like Qatar Investment Authority (QIA), Sumeru Ventures, Vitruvian Partners, BlackRock, Chan Zuckerberg Initiative, Sequoia, Silver Lake, Bond Capital, Tencent, General Atlantic and Tiger Global.
At its peak in 2021, the company's valuation was at $22 billion, making it the world's most valuable edtech and India's most valuable startup. But since then, multiple investors have marked down its valuation in their financial documents.
Indian edtech major BYJU'S has decided to undergo a fresh round of layoffs over the next few weeks as part of a restructuring exercise, Business Today has learned from sources. This development comes as the edtech struggles with a severe funding crunch, battles lenders and has faced a markdown in its valuation.
The edtech major has raised total funding of $5.8 billion from investors like Qatar Investment Authority (QIA), Sumeru Ventures, Vitruvian Partners, BlackRock, Chan Zuckerberg Initiative, Sequoia, Silver Lake, Bond Capital, Tencent, General Atlantic and Tiger Global.
At its peak in 2021, the company's valuation was at $22 billion, making it the world's most valuable edtech and India's most valuable startup. But since then, multiple investors have marked down its valuation in their financial documents.