BYJU’S has laid off 100 employees in a contemporary spherical of layoffs. The firm has not disclosed the particular departments or roles that had been affected, however the layoffs are mentioned to have been concentrated within the gross sales and advertising groups. This is the second spherical of layoffs at BYJU’S up to now six months. In February 2023, the corporate laid off 2,500 employees. The newest spherical of layoffs brings the full variety of employees that BYJU’S has laid off up to now yr to over 3,600.
“As part of a periodical performance review, 100 individuals who did not meet expectations after a performance improvement plan, were let go with proper procedures. Please note, this measure is firmly rooted in performance-based considerations and is not in any way a cost-cutting endeavour,” Byju’s spokesperson instructed Moneycontrol.
The layoffs are an indication of the powerful occasions that the edtech trade is dealing with. The trade has been arduous hit by the financial slowdown and rising rates of interest. In addition, the edtech sector has additionally been dealing with regulatory scrutiny.
BYJU’S isn’t the one edtech firm that has laid off employees in current months. Other edtech corporations which have introduced layoffs embrace Unacademy, Vedantu, and Lido Learning.
The layoffs within the edtech trade are a setback for the sector, which was as soon as seen as a serious development driver. However, the layoffs are additionally an indication that the trade is maturing and changing into extra sustainable.
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