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Edtech giant Byjus has laid off around 1,000 employees across all departments as part of cost-cutting initiatives. However, the final headcount of the company remains around 50,000 because of the addition of new employees.

A group of lenders to educational technology (edtech) giant Byjus has told the firm that theyre open to negotiations with the company to resolve litigation and other disputes, according to people familiar with the matter. However, they have told Byjus that they will not engage in the firms proposal for one-on-one meetings, according to sources. Byjus recently filed a suit against US-based investment management firm Redwood to challenge the acceleration of the $1.2-billion Term Loan B (TLB) facil...

Byju's vs Lenders: Byju's recently filed a suit against US-based investment mgt firm Redwood to challenge the acceleration of the $1.2-bn term loan B facility, and disqualify the lender for its 'predatory tactics'

Marketing managers have been asked to fire two people each from sales and marketing from each of its 280 tuition centres across the country, the report said, citing sources. Around 150 marketing managers also stand to lose their jobs.

The ed-tech start-up, which provides services to more than 150 million students did not pay $40 million in interest due Monday

The company is also seeking the disqualification of Redwood, who contrary to the terms of TLB, purchased a significant portion of the loan while primarily trading in distressed debt

Read more about BYJU'S moves New York Supreme Court challenging acceleration of USD 1.2 bn Term Loan B on Devdiscourse

Edtech major BYJUS on Tuesday said it has filed a complaint in the New York Supreme Court to challenge acceleration of the USD 1.2 billion Term Loan B (TLB)

Edtech major Byjus on Tuesday said it has filed a complaint in the New York Supreme Court to challenge acceleration of the $1.2 billion Term Loan B (TLB). The company is also seeking the disqualification of Redwood, who contrary to the terms of TLB, purchased a significant portion of the loan while primarily trading in distressed debt. Byjus has had to take these measures following a series of predatory tactics by the lenders, led by Redwood, the company said in a statement.

Byjus has skipped payments due on a USD 1.2 billion loan and instead disqualified the US lender for "predatory" tactics, the education technology startup said on Tuesday. Byjus filed a suit against investment management firm Redwood saying the US entity purchased a significant portion of the