Key Points
Troubled edtech Byju's has laid off about 500 staffers, largely across sales and marketing functions, at a time when it is struggling to raise capital for day-to-day operations, as per sources familiar with the development...
A senior manager at the organisation told ET on condition of anonymity that the layoffs are the result of a cash crunch and involved identifying the least performing staffers at the firm over a period of eight weeks..
"We are in the final stages of a business restructuring exercise announced in October 2023 to simplify operating structures, reduce the cost base, and better cash flow management, a company spokesperson said in a statement, declining to share specifics on the numbers impacted...
Last week, the National Company Law Tribunal (NCLT), Bengaluru, refused to stay Byjus extraordinary general meeting (EGM) scheduled for March 29 to increase its authorised share capital to account for a $200-million rights issue...
The statement shared by a Byjus spokesperson on Tuesday added that the unfortunate layoffs situation is something the company will put behind it soon with majority investor support for the $200-million rights issue...
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