Image Source : FILE Byju’s Likely to layoff 1,000 more employees in another round of cost-cutting drive, says report
Byju’s layoffs: In a fresh bit to cut costs, India’s largest edtech company, Byju’s is expected to lay off around 1,000 more employees. The sales and marketing teams at the company are likely to bear the brunt most by this decision, The Morning Context reported. The report further stated that the company’s latest decision was imminent in the aftermath of Byju’s failure to make a quarterly interest payment of roughly $40 million on a $1.2 billion term loan B (TLB).
According to reports, Byju’s has filed a lawsuit against Redwood Investment Management. The company also intends to stop the acceleration of a $1.2 billion term loan B facility and wants to stop Redwood from being the lender, calling it “predatory tactics.” Reportedly, Byju’s filed a case in the New York Supreme Court alleging that Redwood had acquired a sizable share of the loan despite predominantly trading in distressed debt, in violation of the terms of the loan facility.
Byju’s fired around 1,500 employees in Feb: Report
Earlier in February, Byju’s reportedly sacked around 1,500 employees, which was the second laid off in the edtech major within six months. Earlier in October 2022, the compnay had fired 2,500 workers in an attempt to become profitable by March 2023. Byju’s co-founder Divya Gokulnath had said that the company aims to focus on building brand awareness and also hire 10,000 teachers in future.
ALSO READ: ED raids Byju’s office in Bengaluru, says, ‘CEO Raveendran never appeared for questioning’
Byju’s inducts generative AI for guiding students
Meanwhile, on June 7, Byju’s said it has introduced generative artificial intelligence in its learning modules with an avowal that the technology will not replace teachers. The company has introduced a new suite of three AI models under Byju’s WIZ suite — BADRI, Math GPT, and TeacherGPT — to understand students’ learning patterns and develop methodology on its own that will help them learn better. Speaking to the media, Gokulnath said that the implementation of AI is not meant to replace teachers but to generate efficiency in the organisation and help teachers focus on better-placed tasks.
(With inputs from agencies)
Latest Business News
Source link
