BYJU’S has fired 100 employees, mainly in sales and marketing teams. The edtech sector is facing challenges due to economic downturn, rising interest rates, and regulatory investigations…
In a new wave of layoffs, BYJU’S has fired 100 employees. The layoffs are claimed to have been focused in the sales and marketing teams, however the corporation has not revealed the precise departments or jobs that were impacted. At BYJU’S, there have been two rounds of layoffs in the previous six months. The business let off 2,500 employees in February 2023. With the most recent wave of layoffs, BYJU’S has now let go more than 3,600 workers overall in the last year.
“As part of a routine performance assessment, 100 people who had failed to improve their performance were fired in accordance with the law. Please be aware that this approach is firmly grounded in performance-based factors and is not in any way an effort to decrease costs, according to a Byju spokeswoman.
The layoffs are evidence of the challenging circumstances the edtech sector is going through. The economic downturn and rising interest rates have had a significant negative impact on the sector. The edtech industry has also come under regulatory investigation.
Not just BYJU’S, but several edtech businesses have also let go of staff members. Unacademy, Vedantu, and Lido Learning are three further edtech firms that have made layoff announcements.
The edtech industry’s layoffs are a blow for the field, which was previously thought to be a significant growth engine. However, the sector is growing and becoming more sustainable, therefore the layoffs are also a sign of that.
Conclusion:-
In a normal performance review, BYJU’S laid off 100 sales and marketing employees. The corporation has laid off over 3,600 people in the past year, with the latest wave being the latest. Edtech has struggled due to the economic crisis, increased lending rates, and regulatory probes, leading to layoffs. Edutech companies Unacademy, Vedantu, and Lido Learning have also laid off workers. Layoffs indicate the edtech industry’s development and viability, which is a major worry.
