Indian education firm Byju’s is set to cut approximately 5,500 jobs as part of a cost-cutting measure and restructuring of its business, according to a report by the Economic Times. The company’s CEO, Arjun Mohan, has informed senior executives about plans to merge various business verticals, with the changes expected to be implemented later this week or early next week. The job cuts will only affect Byju’s parent company, Think & Learn, and will not impact any of its subsidiaries. The report indicates that a significant number of the positions to be eliminated will be senior roles within the firm. A source familiar with the discussions stated that the aim of the restructure is to attract more students to Byju’s offline centres, which will be the primary focus moving forward.
As of now, Byju’s has not responded to a request for comment from Reuters.
Last year, the education company was valued at $22 billion. However, it has faced a series of setbacks, including the resignation of its auditor and board members. In addition, Byju’s has been in negotiations to repay a $1.2 billion loan over the past few months.
Shivani Tanna reporting from Bengaluru; Editing by Pooja Desai
Credit: The Star : Tech Feed
