Edtech company Byju’s has topped the list as far as layoffs across Indian startups is concerned. Since October 2002, the firm has fired over 4,000 employees in the three phases. In a fresh downsizing drive, the Bengaluru-based company is letting go of another 100 employees citing a periodical performance review.
While sources indicate that it’s another layoff at the turbulent company, Byju’s claims that people were let go because of performance issues and shouldn’t be seen as a cost cutting measure. “There are no fresh layoffs in the post sale division. In fact, during the past two months, as part of our commitment to augmenting this division, Byju’s has recruited 200 new professionals.”
The development comes at a time when Byju’s is trying to solve the debt crisis which it has been facing for a long time. The company missed another deadline set by its creditors to amend the terms of a $1.2 billion debt. In July, the steering committee of ad hoc term loan lenders announced that it will work with the edtech giant to sign and complete the term loan amendment by August 3. However, the Byju Raveendran-led company failed to meet the criteria.
More than 60 Indian startups fired over 15,000 employees during the first half of 2023, according to data compiled by Fintrackr. The number of startups that resorted to layoffs is on par with last year when more than 20,000 employees were given pink slips amid funding winter.
