Popular Indian edu-tech startup Byju‘s will lay off between 500 and 1,000 workers in one other spherical of job cuts to chop prices, a supply with data of the matter informed Reuters on Monday.
The firm, which employs round 50,000 workers, is one in all India’s largest startups, as soon as valued at $22 billion (almost Rs. 1,80,250 crore). It was based in 2011 and has attracted international traders reminiscent of General Atlantic, BlackRock and Sequoia Capital over the previous decade.
A spokesperson for the corporate declined to touch upon doable layoffs.
The firm has already reduce greater than 3,000 jobs up to now yr, and the newest spherical is in step with cost-cutting measures geared toward reaching profitability, the supply mentioned, with out giving a timeframe for when the corporate expects to be within the black.
Byju’s valuation was marked all the way down to $8.2 billion (almost Rs. 67,200 crore) by Blackrock final month, over 60 % under its peak valuation. This was its second markdown after BlackRock marked it all the way down to $11 billion (almost Rs. 90,120 crore) in March, in response to a submitting by the US fund seen by Reuters.
The firm can also be preventing a battle in US courts with collectors who need an early reimbursement of a $1.2 billion (almost Rs. 9,800 crore) mortgage.
India’s Enforcement Directorate raided three premises linked to the net studying platform in April over alleged international trade regulation violations, which Byju’s has denied.
© Thomson Reuters 2023
