Friday, July 19, 2024

India’s Byju’s to cut up to 1,000 more jobs

Byju’s is cutting 500 to 1,000 more jobs at the firm, this time eliminating several non-sales roles as well, as the Indian edtech giant pushes to improve its finances, according to a person familiar with the matter.

The Bengaluru-headquartered startup, which has cut over 3,000 jobs in the past one year, declined to comment.

The new wave of layoff is aimed at improving the finances at the firm as it pushes to become profitable, the person familiar with the matter said, requesting anonymity discussing nonpublic matters.

Byju’s, valued at $22 billion, is the most valuable Indian startup. The firm, which employs over 40,000 individuals, is the largest edtech startup globally with one of the most expansive workforces of teachers.

The startup had planned to go public as early as last year, but delayed the deliberations as the market nosedived amid weakening global economy. Byju’s said earlier this month that it plans to list its subsidiary, Aakash, next year.

Byju’s reported a gross revenue of $1.258 billion (unaudited) in the financial year that ended in March last year. Between April and July, the startup logged revenue of $570 million, it said earlier.

Byju’s counts Prosus Ventures, Chan Zuckerberg Initiative, Sequoia Capital India, Silver Lake, Owl Ventures, UBS and Blackrock among its backers and has raised over $6 billion to date.

India’s Byju’s to cut up to 1,000 more jobs by Manish Singh originally published on TechCrunch

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