Image Source : TWITTER A picture showing edtech companies BYJU’S logo
BYJU’S has laid off 100 employees in a fresh round of layoffs. The company has not disclosed the specific departments or roles that were affected, but the layoffs are said to have been concentrated in the sales and marketing teams. This is the second round of layoffs at BYJU’S in the past six months. In February 2023, the company laid off 2,500 employees. The latest round of layoffs brings the total number of employees that BYJU’S has laid off in the past year 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 told Moneycontrol.
The layoffs are a sign of the tough times that the edtech industry is facing. The industry has been hard hit by the economic slowdown and rising interest rates. In addition, the edtech sector has also been facing regulatory scrutiny.
BYJU’S is not the only edtech company that has laid off employees in recent months. Other edtech companies that have announced layoffs include Unacademy, Vedantu, and Lido Learning.
The layoffs in the edtech industry are a setback for the sector, which was once seen as a major growth driver. However, the layoffs are also a sign that the industry is maturing and becoming more sustainable.
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