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

Sanskriti Diwas Marks 98th Birth Anniversary Of Kashiraj Dr Vibhuti Narayan Singh

Program coordinator Chakravarti Vijay Navad announced that 11 prominent individuals received the Kashiraj Dr. Vibhuti…

23 mins ago

Mallikarjun Kharge Slams ‘Batenge Toh Katenge’ Slogan During Jharkhand Campaign

Kharge emphasized that the BJP leaders promote divisive rhetoric as part of their agenda. He…

2 hours ago

Police Arrest Two In Fake Marriage Certificate Racket In Name Of Arya Samaj

DCP Nagar Abhishek Bharti revealed that five couples, including Shivani and Shrikant Yadav, recently filed…

2 hours ago

India And Nigeria Strengthen Counter-Terrorism Cooperation In Second Strategic Dialogue

Doval and Ribadu held detailed talks on challenges linked to terrorism and radicalization, including those…

3 hours ago

Ola Electric’s Share Hits All-Time Low Of Rs 74 Ahead Of Q2 Results

Analysts predict that the stock could drop closer to the Rs 70 mark. Ola Electric…

4 hours ago

US Election: Voting Begins With First Ballots Cast In New Hampshire

This election is one of the most divisive in US history. Harris and Trump have…

4 hours ago