Edtech company Byju issued a statement saying it was “optimizing” its team across group companies after the news of Byju’s layoff of 2,500 employees across its company as reported by Moneycontrol. The company further added that the “entire effort requires less than 500 employees across Byju’s group companies.”
The company’s spokesperson clarified by denying the misinformation that was presented by Moneycontrol. To modify the business priorities and to increase the long-term growth of the business, the company is optimizing the teams across group companies. The entire effort will involve less than 500 employees from across Byju’s group companies.
According to the report of Moneycontrol, Byju is focusing to cut costs that were in demand for tech services diminishing after two years of enormous growth. After two years of uncontrollable expansion, the demand for edtech services is reportedly decreasing, and Byju is aiming to reduce costs.
According to several of the affected employees, PTI claimed that edtech major Byju’s group subsidiary Toppr has fired 1,100 employees, or around 36% of its workforce, earlier this week.
PTI announced that edtech major Byju’s group company topper has released 1,100 staff or 36% of the workforce from their company earlier, as stated by some of the employees who have been badly knocked by the decision.
Toppr’s thrown-out employees stated that they received a call from the company where they were asked to resign, failing which they will be adjourned without any prior or further notice period.
Top administration commended that cost-cutting and repetition in roles as the reason behind the layoffs as was reported.
Byju’s reported on Thursday that less than 500 employees at Whitehat Jr. and Toppr have been let go, although fired workers assert that 1,100 employees at Toppr alone have been put off.
