India’s largest ed-tech company, Byju’s is expected to lay off around 1,000 more employees in the fresh round of layoffs.
As per the reports, The layoffs will be affecting the sales and marketing teams. The report also added that the company will be providing two months of salary as severance pay amidst a severe cash crunch.
Additionally, many senior managers and assistant general managers have already left the firm headquartered in Bengaluru.
The company fired 2,500 staff last year followed by sacking 1,500 employees. Apparently, major companies are laying off employees exponentially due to economic uncertainties.
The move of layoffs is part of a larger trend of tech companies cutting jobs and slowing hiring as investors become increasingly fearful of a recession. Tech companies have either frozen the hiring process or laid off many employees.
Amazon sacked 27,000 employees in the last three months. The major companies that laid off employees include Infosys, Amazon, Google, Byju’s, Wipro, and Salesforce laid off a maximum number of workers globally.
Recently, the consulting giant Accenture shocked the industry by announcing plans to trim its workforce by 19,000 globally including India over the next 18 months.
As per trueup.io, So far in 2023, there have been 1,073 layoffs at tech companies with 311,667 people impacted (1,936 people per day). In 2022, there were 1,557 layoffs at tech companies were 243,318 people impacted (667 people per day).
Recently, Byju’s have culminated in the firm suing some of its lenders in the New York Supreme Court as it failed to pay interest of $40 million on its term loan B of $1.2 billion. It has also initiated legal action against the lenders, calling their tactics “high-handed” and “predatory”.
The company launched three AI models called Badri, MathGPT, and TeacherGPT, bundled under Byju’s WIZ, and claimed that it had a 90 percent accuracy rate.
