Byju's Lays Off 100 More Employees Taking The Tally To 3,600 In The Past Year
The measure is firmly rooted in performance-based considerations and is not a cost-cutting endeavour, a company spokesperson said.
Edtech giant Byju's has laid off 100 more employees, as the embattled startup continues to face headwinds.
"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," a Byju's spokesperson confirmed to BQ Prime.
During the past two months, Byju's has recruited 200 new professionals in the post-sale division as part of its "commitment to augmenting this division", the spokesperson said.
"This measure is firmly rooted in performance-based considerations and is not in any way a cost-cutting endeavour," the person said.
While Byju's said the layoffs impacted only 100 employees, Moneycontrol reported that about 400 employees were laid off as part of the performance-based cuts.
Over the past 12 months, Byju's has laid off at least 3,500 employees. The once high-flying startup is in the middle of a standoff with lenders over a $1.2-billion loan repayment.
It has also witnessed resignations by statutory auditor Deloitte and three board members representing key investors in the company. Valuation cuts by prominent investors, searches by the Enforcement Directorate, layoffs, and delayed financial results have also marred the startup.
