Indian ed-tech startup Byju’s is undergoing a second round of layoffs, with over 1,000 employees affected.
The cuts come as the firm faces tensions with lenders of its $1.2 billion term loan.
Reports indicate the HR department at Byju’s held individual discussions and in-person meetings with employees to convey the news of their job losses.Â
Read More: Byju’s to conduct more job cuts due to financial challenges
The process commenced on June 14th, giving staff members the option to voluntarily resign through the official HR portal.
As part of the procedure, their email accounts were deactivated, and they were requested to submit their official identity cards.
Primarily impacting senior staffers who have spent more than two years with the company, the layoffs are aimed at streamlining operations and reducing costs.
Byju’s plans to provide affected employees with two months’ salary for June and July, with a final settlement expected between September and October, approximately 45 days after July.
However, no additional severance packages will be offered beyond this.
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Despite previous efforts to implement cost-cutting measures and axe 2,500 jobs, Byju’s has yet to achieve profitability by the end of the fiscal year 2022-23.
Earlier this month, it announced 1,000 job cuts that primarily affected contractual workers and on-ground staff hired through third-party sources.
These recent cuts happen when Byju’s defaulted on a $40 million interest payment for a loan, leading to discussions with lenders and filing a case against one of them.
Currently, Byju’s employs approximately 40,000 people.
