Indian edtech giant Byju’s said on Wednesday it has eliminated 5% of its workforce, or about 2,500 roles, across multiple departments as it looks to improve its finances and achieve profitability by end of the current financial year, it said.
This the second significant layoff step the startup, valued at $22 billion, has undertaken in recent months. In June, it cut hundreds of jobs. The move comes amid the ongoing global market downturn, which has forced many startups including Byju’s to postpone their plans to file for an initial public offering.
“As a mature organisation that takes its responsibility towards investors and stakeholders seriously, we aim to ensure sustainable growth alongside strong revenue growth. These measures will help us achieve profitability in the defined time frame of March 2023,” said Mrinal Mohit, chief executive of Byju’s India business, in a statement.
(More to follow…)