Business

BYJU’S to Layoff 1,000 Employees Soon as a Cost Cutting Measure

According to a report released on Wednesday, edtech giant BYJU’S will soon let go of up to 1,000 employees in order to reduce costs. The Morning Context reported that BYJU’S, which was valued at $22 billion in its most recent funding round, will be most negatively impacted by the move on its sales and marketing teams. Reportedly, the marketing executives work for firms like Channelplay and Randstad that employ third parties.

Byju’s action would occur shortly after Byju’s Raveendran-led company skipped a $40 million quarterly interest payment on a $1.2 billion term loan B (TLB) earlier this week. In order to contest the acceleration of a $1.2 billion term loan B facility and disqualify the lender for its “predatory tactics,” BYJU’S filed a lawsuit against investment management company Redwood, the company announced on Tuesday.

According to BYJU”S, who filed the lawsuit in the New York Supreme Court, Redwood violated the terms of the term loan facility when it bought a sizable portion of the loan while primarily trading in distressed debt.

Also Read: “India’s Potential Would lead Global Conversations Around AI Regulation”- OpenAI CEO 

Also Read:

Tata Consumer Share Price Increases as the FMCG States That It Is Open For Acquisition

According to a statement, the investment firm will no longer be eligible to serve as a lender with critical rights under the term loan norms, according to a notice that BYJU’S also sent to Redwood entities.

“We had to take these measures following a series of predatory tactics by the lenders, led by Redwood,” the startup stated. BYJU’s announced in October last year that it would lay off 2,500 workers by March 2023.

Also Read: India’s Energy Transition Plans Offers Companies $500 Billion Opportunity: ReNew CEO

Also Read: Major Investment In Space Sector: Google To Invest $36 Million In Bengaluru-Based Firm Pixxel

Malika Sahni

Recent Posts

PM Modi Distributes Over 71,000 Appointment Letters; Highlights Youth-Centric Initiatives

On Monday, PM Modi distributed more than 71,000 appointment letters to newly recruited government employees…

9 mins ago

Man Sets Women Ablaze In NewYork Subway, Arrested

Describing the attack, New York Police Department Commissioner Jessica Tisch said, "As the train pulled…

10 mins ago

Bharat Express CMD Upendrra Rai To Highlight Media’s Role In Societal Empowerment

The Media Division Brahma Kumaris to commemorate the 9th death anniversary of Rajyogi Brahmakumar Omprakash…

16 mins ago

PM Modi, Leaders Pay Tribute To Chaudhary Charan Singh On Birth Anniversary

On Monday, Prime Minister Narendra Modi led the nation in honoring former Prime Minister Chaudhary…

52 mins ago

Delhi High Court To Hear BJP MLAs’ Petition On December 24

The Delhi High Court will actively hear a petition filed by Leader of Opposition Vijender…

59 mins ago

Indian Markets Open Strong On Positive Global Cues

Asian markets, including Hong Kong, China, Japan, and Seoul, traded in positive territory. In the…

1 hour ago