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.

The post Employees Job Cuts: Big news! So many employees will be fired from this Indian company, check details first appeared on Rightsofemployees.com.

The Morning Context claims that BYJU’S sales and marketing team will suffer the most from this decision of the company. It was valued at $22 billion in the last funding round.

This news of BYJU’S is coming at a time when the company has filed a lawsuit against the lenders of its $ 1.2 billion term loan B, which it raised in the US in November 2021. The company has also said that it will not pay any further interest till the matter is resolved.

What steps did the company take

The company said in its statement that it has taken decisive action to challenge the US $ 1.2 billion Term Loan B (TLB) and file a complaint with the New York Supreme Court to disqualify Redwood Capital Management. According to Byju’s, these tactics included threatening to confiscate the company’s assets and demanding early repayment of loans.

The company has already done layoffs

According to media reports, earlier this year the company had laid off around 1,500 employees. Byju’s had fired around 1,500 employees citing cost and operations. It was said in Mint’s report that many departments were affected by this decision of Byju’s.

The CEO had said that there would be no retrenchment

Byju’s founder and CEO Byju Raveendran had assured employees in October that there would be no layoffs beyond the planned 2,500 employees. In May, Blackrock reduced the valuation of edtech major Byju’s by $8.29 billion.

The post Layoffs Again in 2023: BYJU’S again in the process of big layoffs, thousands of people will lose their jobs! first appeared on Rightsofemployees.com.