Byju’s, the biggest education technology company in the country, is once again dealing with the possibility of job cuts among its workers.
The CEO of Byju’s in India, Arjun Mohan, has developed a plan to reduce costs and is making significant changes in the organization.
It is reported that as many as 4,000 employees within the company may lose their jobs due to this plan.
Just last week, Arjun Mohan was appointed as the CEO of the company in India and has now informed the company’s management about his proposal.
They’re thinking about letting go of 11% of employees
According to Business Standard news, Byju’s, a company that’s facing financial challenges, is planning to reduce costs and make its operations simpler.
Due to this restructuring, it’s possible that about 11% of the company’s total workforce, which is around 4,000 employees, might lose their jobs in the next few weeks.
The report mentions sources and says that this Bengaluru-based education technology company has about 35,000 employees in total. In June 2023, they had laid off 1,000 people.
Which departments will be impacted?
But when we asked the person who talks for Byju’s about this, they didn’t say how many workers will be impacted by the changes in the company.
However, they did mention that the company is almost done with its plan to change how it works.
According to the report, these changes might affect the Indian workers at Think and Learn Private Limited, which is the company that runs Byju’s, and also the workers at Aakash.
The company’s worth got cut in half in a year!
It’s important to know that American investors owned less of Byju’s last year.
The American investment company BlackRock has apparently said that Byju’s, the big education tech company, is now worth about $11.5 billion, which is almost 50% less than what it was worth in June 2022, when it was estimated at $22 billion.
That means it’s worth only half as much in just one year. But the company hasn’t said anything about it.
Byju’s founder has this confidence
Let’s talk about Arjun Mohan, who is now the new CEO of Byju for the Indian business.
Before this, he was in charge of making sure the business part of the company worked well as the Chief Business Officer.
Now, he’s also responsible for changing how the company works.
Byju’s Founder Byju Raveendran recently said that Arjun Mohan joining the team shows how much he believes in what the company wants to do and the special chances it has in the future.
His skills will definitely help us change and become stronger in the global education technology world.
