After appointing its new India CEO, Arjun Mohan, EdTech giant Byju’s plans to lay off over 5,000 employees across its online and offline ventures along with the marketing department in a move to simplify its operating structures and reduce its cost base.
As per reports, the broader business restructuring that’s likely to happen soon will include the elimination of several high-paying senior executives as the EdTech startup plans to remove redundant roles for better cash flow management by the end of October.
In a statement, Byju’s spokesperson mentioned that the EdTech startup is in the final stages of its business restructuring exercise and that its new India CEO, Arjun Mohan, will be completing the process in the next few weeks and will steer a revamped and sustainable operation ahead.
Reports also suggest that going forward, Byju’s also plans to have its offices at only four to five locations. As of now, the ed tech company operates out of 19 regional offices.
In the past two years, Byju’s has had to let go of nearly 10,000 full-time and contract employees.