Move comes one day after the edtech company filed a complaint in New York Supreme Court, challenging the acceleration of the $1.2 billion term loan it had raised in November 2021.
India’s largest edtech company, which was valued north of $22 billion in its last funding round, is on course to fire around 1,000 people.
The move will hurt the sales and marketing teams the most at Byju’s. Marketing executives are on third-party payrolls of companies such as Channelplay and Randstad, to name a few. People in the know at these consultancies confirmed layoffs to executives. The last mass layoffs happened in January this year, when the company let go of around 5,000 people across verticals.
As per internal communications, which have been reviewed by The Morning Context, a “BDE removal …
Pradip is a co-founder at The Morning Context and leads our newsletters vertical. He has previously worked at The Ken as a staff writer, at Mint as an assistant features editor and the Deccan Chronicle as a copy editor. He works with a slew of expert newsletter writers across subjects and domains. His own writing spans the gig economy, farmers caught in the crossfire of technology, global warming and parents trapped in the edtech wave. Some of his best stories have come at the intersection of technology and human endeavour.
Samiksha covers all things startups at The Morning Context. She joins us from The New Indian Express, where she wrote stories on the retail and food sectors. Prior to that, she had covered startups and written various business features in the Deccan Herald.