Indian edtech giant Byju’s said on Wednesday it has eliminated 5% of its workforce, or about 2,500 roles, across multiple departments as it looks to improve its finances and achieve profitability, it said.
This the second significant layoff step the startup, valued at $22 billion, has undertaken in recent months. In June, it cut hundreds of jobs.
“As a mature organisation that takes its responsibility towards investors and stakeholders seriously, we aim to ensure sustainable growth alongside strong revenue growth. These measures will help us achieve profitability in the defined time frame of March 2023” Mrinal Mohit, CEO, BYJU’S India business, said.
(More to follow…)
