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Edtech giant Byju's 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 Byju's has told the firm that they're open to negotiations with the company to resolve litigation and other disputes, according to people familiar with the matter. However, they have told Byju's that they will not engage in the firm's proposal for one-on-one meetings, according to sources. Byju's recently filed a suit against US-based investment management firm Redwood to challenge the acceleration of the $1.2-billion Term Loan B (TLB) facility, and disqualify the lender for its 'predatory tactics'.
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