Retrenchment again in the company giving money to the Indian cricket team, this time the number of 1,000 people, 300 engineers removed

New Delhi. Byju’s, the world’s highest-valued edtech company and sponsor of the Indian cricket team, has once again laid off between 1,000 and 1,200 employees. Let us tell you that in June last year, Byju’s had extended its jersey sponsorship (Team India Jersey Sponsorship) agreement with the board till November 2023 for about $35 million. Although the company now wants to end its agreement with the BCCI, the board has asked the company to continue the agreement at least till March 2023.

The layoffs in BYJU’S have been done at a time when BYJU’S is trying to make itself profitable faster and for this it is reducing its costs and expenses. Meanwhile, the pace of growth of the company’s income has also decreased and the availability of funding in the startup ecosystem has also decreased.

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About 300 employees were laid off from the engineering team
Two sources told Moneycontrol that the company is laying off people from engineering, sales, logistics, marketing and communications teams. About 300 employees have been fired from the engineering team. The workforce of the logistics team has been reduced by 50 percent. Sources said that Byju’s is now outsourcing logistics to third-party. That’s why the company has laid off 50 percent of its in-house logistics team.

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The company has laid off 2,500 employees in October
Significantly, Byju’s co-founder and CEO Byju Raveendran, in several internal mails sent to employees, had assured that the company will not lay off any more as it has already laid off 5 per cent or around 2,500 employees in October.

Tags: business news, business news in hindi, Employees salary, job loss, job news

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