[ad_1]
Indian education firm Byju’s plans to cut around 5,500 jobs to decrease costs amid a restructuring of its business, the Economic Times reported on Tuesday.
Arjun Mohan, who took over as the chief executive of the company, has briefed senior executives that he will be merging several business verticals as part of the changes, which are expected to be rolled out later this week or early next week, the newspaper said.
The job cuts are being implemented only at Byju’s parent, Think & Learn, and are not linked to any of its subsidiaries, the report said, adding that a significant number of roles to be made redundant would constitute senior positions at the firm.
“They (Byju’s) want to bring more students to offline centres and that’s the main way the new management has identified to run operations that can sustain over a period of time,” ET said, citing a person aware of the discussions.
Byju’s did not immediately respond to a Reuters request for comment.
The firm, valued at $22 billion last year, has experienced a series of business setbacks, including its auditor and board members quitting. In the last few months, it has also been negotiating the repayment of a $1.2 billion loan.
Arjun Mohan, who took over as the chief executive of the company, has briefed senior executives that he will be merging several business verticals as part of the changes, which are expected to be rolled out later this week or early next week, the newspaper said.
The job cuts are being implemented only at Byju’s parent, Think & Learn, and are not linked to any of its subsidiaries, the report said, adding that a significant number of roles to be made redundant would constitute senior positions at the firm.
“They (Byju’s) want to bring more students to offline centres and that’s the main way the new management has identified to run operations that can sustain over a period of time,” ET said, citing a person aware of the discussions.
Byju’s did not immediately respond to a Reuters request for comment.
The firm, valued at $22 billion last year, has experienced a series of business setbacks, including its auditor and board members quitting. In the last few months, it has also been negotiating the repayment of a $1.2 billion loan.
[ad_2]
Source link
More Stories
India’S Growth Forecast: S&P ups India’s FY’24 growth forecast to 6.4% on robust domestic momentum
India to remain fastest-growing major economy, but demand uneven: Poll
Jack Ma: Jack Ma gets back into business with ‘Ma’s Kitchen Food’