Byju's to cut up to 5,000 jobs as part of business restructure

Edtech firm Byju's  is planning yet another round of layoffs. This time, around 4,000 or 5,000 people might be shown the exit door. Byju's recently named Arjun Mohan as its CEO and the new chief is restructuring the company under which, the job cuts are likely to be announced. Several teams such as Sales, Marketing and others might be affected by the impending layoffs. “We are in the final stages of a business restructuring exercise to simplify operating structures, reduce the cost base, and better cash flow management,” a company spokesperson said in a statement.“

Byju's new India CEO, Arjun Mohan, will be completing this process in the next few weeks and will steer a revamped and sustainable operation ahead,” the spokesperson added. The edtech major last week elevated Mohan as the CEO of its India operations as it mulls selling some of its subsidiaries to repay its outstanding $1.2 billion Term Loan B (TLB) amid "difficult business restructuring". Mohan succeeded Mrinal Mohit, the founding partner and the outgoing head of India business at Byju's, who is embarking on a new journey to pursue personal aspirations. The rejig at the top level came as Byju's is mulling selling at least two of its subsidiaries, Epic and Great Learning, to raise between $800 million and $1 billion, amid reports that the company has formulated a proposal to repay its outstanding $1.2 billion Term Loan B (TLB).Reports also surfaced that the company is offering to repay $300 million of the debt within three months if the proposal is accepted while repaying the remaining amount in the next three months. The lenders are reportedly reviewing Byju's proposal.