In a note to employees on Friday, Daniel Rausch, Amazon's vice president of Alexa and Fire TV, wrote that the company is eliminating certain roles because it is ditching some initiatives.
Byju’s is also planning to repay the $1.2 billion term loan B within the next six months. It will clear the loan amount by selling Great Learning and Epic, which were acquired in 2021.
The employee said many people were fired from his team alone and that the company had sent a mail saying they would settle dues including dearness and travelling allowances and variable pay soon.
Hike founder and CEO Kavin Bharti Mittal said, “Business is in its best shape ever. This 400% rise in GST is a bazooka pointed at us. We’ll need to absorb some of it.”
The social media platform, which has 150 million monthly active users, is a voice and text chat platform largely aimed at gamers and teenagers.
The Tiger Global-backed start-up merged its two platforms- Truebil and Max- with its main platform. This move will impact 4.5% of its total workforce.
Amazon did not disclose how many employees would lose their jobs as a result. The Washington Post had reported late Wednesday that hundreds of Fresh employees would be let go.
This is the third round of layoffs in which about 200 employees are likely to be fired.
HarperCollins and Hachette Book Group are among other publishers who have offered buyouts in recent months.
A source said that the lay-off started a couple of weeks back, and more employees are likely to be fired from the company.
It fired 3% of its workforce or 80 employees in January and again another 30% in April to cut costs and also to streamline the start-up’s operations.
Ishaan Preet Singh, co-founder, FrontRow, told TNIE that 90% of start-ups don’t work out and we don’t have regrets.
No employer is making a more aggressive push than the country's largest: the federal government, which is aiming to hire 22,000 tech workers in fiscal year 2023.
Earlier, Online car service and repair start-up GoMechanic too had faced a similar issue and they admitted to financial reporting ‘errors’.
This decision comes at a crucial time when Byju’s hasn’t made any further payments including interest on a $1.2 billion Term Loan B (TLB).
Earlier, during its US entity Byju’s Alpha issue, the company had said that it entered into the Term Loan B agreement with the clear intention of utilising the raised funds to drive growth.