Layoffs in India: India’s largest startup company Byju’s is going to lay off more than 5 thousand employees during the latest round.
This move comes at a time when the company has appointed Arjun Mohan as the new CEO. The impact of this retrenchment is going to be more on senior officers, which will reduce the costs of the company.
The source giving information about this retrenchment said that this will mainly be the retrenchment of contract employees along with employees who fail in performance based work. The senior officer said that some people from his team will be affected. However, no one has been formally removed yet.
When will the layoffs take place?
The layoff process is likely to begin at the end of this week or early next week. The official said that the layoffs are being done due to financial problems and it will be completed by the end of October.
There will be layoffs from here too
According to media report, Byju’s is also reducing the overlap between its online and offline employees as well as its regional selling office employees. Out of 19 regional offices, the company will now have offices at only four-five places.
What did the company say about the CEO
It is noteworthy that the company named Mohan as the new India head on September 20. Mohan is a former Upgrade executive who previously worked at Byju’s. Will be responsible for more than 75 percent of the company’s revenue. This layoff is being done a month after his joining. According to a statement from Byju, the company’s new India CEO Arjun Mohan will complete this process in the next few weeks and lead a new and sustainable operation.
