Edtech unicorn Byju’s has let go of 100 employees from its post-sale division as part of a performance review, at a time when the company is facing other challenges.
However, the edtech major has recruited 200 new professionals in the past two months in the same division, said the company in its statement.
“There are no fresh layoffs in the post-sale division. In fact, during the past two months, as part of our commitment to augmenting this division, Byju’s has recruited 200 new professionals. However, 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,” said a Byju’s spokesperson.
“Please note, this measure is firmly rooted in performance-based considerations and is not in any way a cost-cutting endeavor,” the statement added.
Recently, the company onboarded Infosys veteran Richard Lobo as an exclusive advisor to help transform its HR function. Since 2022, Byju’s has laid off at least 5,000 employees.
Byju’s held a call with over 100 investor representatives on August 14, where they updated them on the progress related to audited results, term loan B negotiations, refinancing of debt, and other issues, reported Businessline.
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CEO Byju Raveendran and CFO Ajay Goel addressed the investors. The company’s newly appointed advisory council members, Mohandas Pai and Rajnish Kumar, were also present. Investor representatives from firms such as General Atlantic, Peak XV Partners, Prosus, and Chan Zuckerberg Initiative, among others, were on call.
This comes at a time when the company is grappling with issues stemming from the delay in filing its audited results, missed deadline to rework loan terms, and an ongoing fundraising process.
Byju’s is also exploring fundraising from investors for Aakash Educational Services including one of its earliest backers, Manipal Group Chairman Dr Ranjan Pai.