Image used for representational purpose. (Photo | BYJU'S YouTube Screengrab)
BENGALURU: Edtech company Byju’s has started laying off about 1,000 employees over a few weeks now. Many of these employees are from technology, product and engineering verticals. Though according to reports, it is said to be another round of layoffs, a source aware of the development denied this and said the company is firing people in a phased manner.
“Byju’s already announced in October that it will fire 2,500 people in a phased manner, and now the company has started informing the same to about 1,000 employees,” the source said. Meanwhile, Unacademy co-founder and CEO Gaurav Munjal in a note to employees said there will not be any appraisals this year.
“Instead we will reward stock options to everyone based on their performance...2022 was a tough year for everyone in tech. But we did survive,” he said. He added that the company’s burn is significantly down and revenues grew in 2022. “We have built great products. We have been great at adapting to Market conditions.
We launched new businesses and didn’t degrow when everyone else did. And our EBITDA margins have improved a lot. “So trust this process because I am very confident that we will come out of this phase as a much stronger organisation,” he said in the internal note.
