BYJU'S to fire 1,000 employees soon, says report
The move will hurt the edtech firm's sales and marketing teams the most, says report
- Jun 8, 2023,
- Updated Jun 8, 2023 6:56 PM IST
Edtech major BYJU'S will soon fire as many as 1,000 employees to cut costs, said a report on Wednesday. The move will hurt the sales and marketing teams the most at BYJU’S, which was valued at $22 billion in its last funding round, reported The Morning Context.
Marketing executives are on third-party payrolls of companies such as Channelplay and Randstad, the report added.
BYJU'S move would come close on the heels of the Byju Raveendran-led company skipping a quarterly interest payment of about $40 million earlier this week on a $1.2-billion term loan B (TLB).
BYJU'S filed a suit against investment management firm Redwood to challenge the acceleration of a $1.2 billion term loan B facility and disqualify the lender for its "predatory tactics," the company said on Tuesday.
BYJU'S, which filed the suit in the New York Supreme Court, said Redwood purchased a significant portion of the loan while primarily trading in distressed debt, which was contrary to the conditions of the term loan facility.
BYJU'S also issued a notice to Redwood entities disqualifying the investment firm as a lender with critical rights under the term loan norms once it takes effect, the company said in a statement.
"We had to take these measures following a series of predatory tactics by the lenders, led by Redwood," the startup said.
In October 2022, BYJU's said it will axe 2,500 employees by March 2023.
Edtech major BYJU'S will soon fire as many as 1,000 employees to cut costs, said a report on Wednesday. The move will hurt the sales and marketing teams the most at BYJU’S, which was valued at $22 billion in its last funding round, reported The Morning Context.
Marketing executives are on third-party payrolls of companies such as Channelplay and Randstad, the report added.
BYJU'S move would come close on the heels of the Byju Raveendran-led company skipping a quarterly interest payment of about $40 million earlier this week on a $1.2-billion term loan B (TLB).
BYJU'S filed a suit against investment management firm Redwood to challenge the acceleration of a $1.2 billion term loan B facility and disqualify the lender for its "predatory tactics," the company said on Tuesday.
BYJU'S, which filed the suit in the New York Supreme Court, said Redwood purchased a significant portion of the loan while primarily trading in distressed debt, which was contrary to the conditions of the term loan facility.
BYJU'S also issued a notice to Redwood entities disqualifying the investment firm as a lender with critical rights under the term loan norms once it takes effect, the company said in a statement.
"We had to take these measures following a series of predatory tactics by the lenders, led by Redwood," the startup said.
In October 2022, BYJU's said it will axe 2,500 employees by March 2023.