Byju's layoffs | Edtech giant mulls fresh round of job cuts, likely to fire 1,000 employees: Report
Business | June 09, 2023 13:11 ISTByju's layoffs: The sales and marketing teams at the company are likely to bear the brunt most by this decision.
Byju's layoffs: The sales and marketing teams at the company are likely to bear the brunt most by this decision.
Just a day earlier, ED searched three premises in Bengaluru linked to the company over alleged foreign exchange law violations.
ED raids BYJU: The company runs a popular online education portal by the name of Byju's. During the searches, various incriminating documents and digital data were seized in Bengaluru today.
BYJU news: BYJU'S is reportedly facing a range of complaints on social media platforms and consumer websites with customers alleging that they were exploited and deceived.
Byju news: Last week on Friday, the commission issued a summons to Byju's CEO Byju Raveendran asking him to appear in person on December 23 over alleged malpractice of hard selling and mis-selling of its courses for students.
In mid-November, around 73,000 workers in the US tech sector have been laid off in mass-level job cuts led by companies like Meta, Twitter, Salesforce, Netflix, Cisco, Roku, and others.
BYJUs news: Last month, the edtech major paid the remaining dues of nearly Rs 1,983 crore (over $245 million) to global VC firm Blackstone in the acquisition of Aakash Educational Services.
Byju's booked a loss of Rs 4,588 crore for fiscal year ended March 31, 2021, 19 times more than the preceding fiscal, as the nation's most valuable startup
Byju's co-founder and CEO Byju Raveendran at the time of announcing the result had said that the contractual commitment of the two investment firms is still there, but the fund has not come and these entities have not made any investment in the last six months.
Apparently, in April, the Board of Control for Cricket in India (BCCI) along with the edtech company had agreed on the extension of their partnership until the end of the 2023 ODI World Cup in India at a 10 percent increment.
BYJU'S has been in the news for laying off employees and disgruntled parents complaining about the poor quality of learning material and sales pitches by agents.
Byju's has temporarily halted advertisements featuring Shah Rukh Khan as his son Aryan Khan undergoes a drug bust probe by NCB.
The project envisages establishment of a dedicated working group that will create a knowledge, innovation, and strategy support system, a statement said.
Continuing its aggressive acquisition spree, Byju's on Thursday said it will acquire K-12 creative coding platform Tynker for an undisclosed amount, as the edtech major looks to further consolidate its presence in the US market.
This will be the 4th major acquisition by Byju Raveendran-run company this year.
Byju's has acquired Great Learning - a global player in the professional and higher education segment - in a transaction valued at USD 600 million comprising cash, stock and earnout, a statement said.
Accelerating its plans to build the world's largest learning brand, BYJU'S on Wednesday announced that it has acquired 'Epic', a leading U.S.-based kids digital reading platform, for a whopping USD 500 million.
BYJU'S, the world's leading ed-tech company has announced its strategic partnership with Aakash Educational Services Limited (AESL). According to sources, the deal is worth close to USD 1 billion (about 7,300 crores) -- making it the biggest acquisition by Byju's to date.
India's largest edtech platform Byju's is in advanced talks with rival Toppr for a potential acquisition, according to sources. Sources close to the development said the deal is estimated to be about USD 120-150 million in size and could be closed in the next 2-3 weeks.
Leading edtech company BYJU'S is reportedly acquiring Delhi-based offline test preparatory services provider Aakash Educational Services for $ one billion (nearly Rs 7,300 crore), the media reported.
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