EdTech unicorn Byju's axes 1000 more jobs in latest cost-cutting round

Bengaluru: Byju's, the Indian Ed-Tech unicorn, has axed another 1,000 jobs as a part of its latest cost-cutting initiative. As per media reports, the company is laying off employees from the engineering, sales, logistics, marketing, and communications teams on February 2.

As per a report filed by moneycontrol, none of the employees were notified of the layoffs via emails, which tend to leak in public forums. Employees were told to join a meeting via Google Meet and were informed about the layoffs there, rather than over normal and WhatsApp calls.

BYJU'S laid off around 2,500 employees in October 2022, as part of its cost-cutting measures. At the time, the Founder-CEO, Byju Raveendran, stated that he would create relevant roles for those who had been laid off, and rehiring them would be prioritised, while the company would indulge in no further layoffs.

As per media reports, Byju's has also been requesting employees to resign suggesting that being laid off does not look good on a resume.

According to FY21 financial statements Byju's reported a loss of Rs 4,589 crore, the largest ever reported by an Indian startup. The company's revenue had dropped by 3.3%. BYJU spent more than Rs 2,500 crore on advertising and marketing in the same financial year, investing  $40 million (Rs 330 crore) to become the FIFA World Cup's official sponsor.