Byju’s plans to cut as many as 5,000 jobs in the coming weeks, a person familiar with the matter said, as the Indian edtech giant looks to pare down costs amid a broad restructuring of its business.
The Bengaluru-headquartered startup, which recently appointed a new head for its India business, is planning to eliminate several duplicate roles across its offline and online businesses, as well as many jobs in the marketing department, the person said, requesting anonymity as the deliberation is private.
Byju’s, which at its last year’s valuation of $22 billion is India’s most valuable startup, is also planning to eliminate several high-paying senior executive roles, the person said.
“We are in the final stages of a business restructuring exercise to simplify operating structures, reduce the cost base and better cash flow management,” a Byju’s spokesperson said in a statement. Indian newspaper Economic Times first reported the development.
“Byju’s new India CEO, Arjun Mohan, will be completing this process in the next few weeks and will steer a revamped and sustainable operation ahead.”
More to follow.
