Tuesday, September 26, 2023

BYJU to cut 600 jobs in Toppr, WhiteHat Jr

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In a major overhaul as India’s edtech space shrinks significantly, online learning giant BYJU’s has cut at least 600 jobs – soliciting 300 employees on its Toppr learning platform and another 300 on coding platform WhiteHat Jr to go.

Before its layoff from Toppr, which it acquired for $150 million last year, BYJU’s confirmed the development, saying it has “completed the integration of Toppr and integrated nearly 80 percent of its talented workforce into BYJU’s ecosystem.”

After the acquisition was completed, Toppr’s employees from the sales and marketing division were kept, while those from other departments were asked to leave.

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The company spokesperson said that as the next step, “we are optimizing teams to recalibrate business priorities and accelerate our long-term growth.”

Earlier, online encryption provider WhiteHat Jr, the beleaguered platform under the umbrella of edtech giant BYJU that it bought for $300 million, fired about 300 employees after more than 1,000 of its employees resigned after being asked to leave in April-May. to return to the office.

This time, most of the layoffs belonged to the code teaching and sales teams on the platform, and some of them worked in Brazil.

In a statement, the company said that “to realign with our business priorities, we are optimizing our team to accelerate results and best position the company for long-term growth.”

The layoffs at BYJUs came amid reports that it has delayed payments to stakeholders as part of its $1 billion acquisition of Aakash Educational Services, with the company saying the acquisition process is “on track and expected to close in August.” rounded”.

BYJU last year acquired Delhi-based offline test prep services provider Aakash for $1 billion.

A company spokesperson told IANS that the acquisition of “Aakash is fully on track and all payments are expected to be completed by the agreed date, which is August 2022.”

“Aakash is our most successful acquisition to date and we are very proud to have them in our lap,” added the company spokesperson.

“Together with all our group companies, we remain perfectly balanced to provide access to quality education across all learning segments, from early learning to exam preparation and career success,” the spokesperson said.

Aakash Educational Services provides test preparation services for medical and technical entrance exams, school/administration exams and other exams through Aakash Centers.

The edtech unicorn made at least 10 acquisitions last year for a cumulative transaction value of approximately $2.5 billion.

Led by the edtech platforms such as Unacademy, WhiteHat Jr, Vedantu, FrontRow, Udayy, Lido Learning and others, more than 10,000 start-up workers in the country have been laid off.

The layoffs are falling as the edtech sector is ravaged by global macroeconomic conditions and the reopening of schools, colleges and physical education centers.


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