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NEW DELHI: Byju’s has laid off several employees in the mentoring and product expert divisions which are internally housed under the post sales department. The company let go of 100 employees from the teams, citing poor performance.
“As part of a periodical performance review, 100 individuals who did not meet expectations after a performance improvement plan were let go with proper procedures. This measure is firmly rooted in performance based considerations and is not in any way a cost-cutting endeavour,” a company spokesperson said.
The fresh development comes at a time when the edtech startup continues to face a series of setbacks. The firm which has come under the scrutiny of the authorities for delayed financial reporting and exit of its former auditor Deloitte missed an initial early August deadline to rework the terms of its $1.2 billion term loan with its lenders.
Reaching a resolution on the loan terms is crucial to ending all open litigation. In June this year, Byju’s had laid off some 500-1,000 employees in a bid to check costs. Since October last year, the company has laid off over 3,000 employees.
“During the past two months, as part of our commitment to augmenting this (post-sales) division, Byju’s has recruited 200 new professionals,” the spokesperson said. The company recently roped in Infosys veteran Richard Lobo as an exclusive advisor to help transform its human resources function.
Valued at $22 billion at its peak, Byju’s which has raised more than $5 billion from investors has been valued at $5.1 billion in a latest markdown by its investor Prosus.
“As part of a periodical performance review, 100 individuals who did not meet expectations after a performance improvement plan were let go with proper procedures. This measure is firmly rooted in performance based considerations and is not in any way a cost-cutting endeavour,” a company spokesperson said.
The fresh development comes at a time when the edtech startup continues to face a series of setbacks. The firm which has come under the scrutiny of the authorities for delayed financial reporting and exit of its former auditor Deloitte missed an initial early August deadline to rework the terms of its $1.2 billion term loan with its lenders.
Reaching a resolution on the loan terms is crucial to ending all open litigation. In June this year, Byju’s had laid off some 500-1,000 employees in a bid to check costs. Since October last year, the company has laid off over 3,000 employees.
“During the past two months, as part of our commitment to augmenting this (post-sales) division, Byju’s has recruited 200 new professionals,” the spokesperson said. The company recently roped in Infosys veteran Richard Lobo as an exclusive advisor to help transform its human resources function.
Valued at $22 billion at its peak, Byju’s which has raised more than $5 billion from investors has been valued at $5.1 billion in a latest markdown by its investor Prosus.
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