Byju’s to lay off nearly 12,000, a quarter of its staff

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Editor's note: Byju’s, India’s largest education technology company, with a valuation north of $22 billion, plans to lay off about 12,000 people, nearly 25% of its total workforce, over the next year, according to five people in the know.  Earlier this month, in separate press statements, co-founder Divya Gokulnath and chief operating officer Mrinal Mohit said Byju’s will lay off 2,500 employees over six months, as the company reduces redundancies, consolidates its subsidiaries into one India business and focuses on sustainable growth and profitability. But the plan is to do larger and deeper cuts across verticals over the next year, according to the five people cited above, all of whom asked not to be named.  “Over 12,000 staff are [being] sacked in various departments,” says one of the five people. “Managers are left without an answer and are helpless when workers whose jobs are lost question, ‘Why was my job gone?’ The situation is horrendous in Bengaluru, especially at the IBC Knowledge Park office.” The company is also shutting down its IBC Knowledge Park office in southern Bengaluru. Once, the company had …