Byju슬롯사이트™s Layoffs: Edtech Major To Sack 4,000-5,000 Employees in Business Restructuring Exercise in Upcoming Weeks
The edtech major last week elevated Mohan as the CEO of its India operations, as it mulls to sell some of its subsidiaries to repay its outstanding $1.2 billion Term Loan B (TLB) amid "difficult business restructuring".
New Delhi, September 26: Edtech major Byju슬롯사이트™s is going to lay off 4,000-5,000 employees in a 슬롯사이트œbusiness restructuring exercise슬롯사이트� in the coming weeks, the media reported on Tuesday. According to TechCrunch, Byju슬롯사이트™s will go through the restructuring exercise 슬롯사이트œto pare down costs amid a broad restructuring of its business following a delayed IPO and pressure from lenders슬롯사이트�. The restructuring exercise is being undertaken under the leadership of new CEO Arjun Mohan, according to the report.
슬롯사이트œWe are in the final stages of a business restructuring exercise to simplify operating structures, reduce the cost base and better cash flow management,슬롯사이트� a company spokesperson said in a statement. 슬롯사이트œByju슬롯사이트™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,슬롯사이트� the spokesperson added.슬롯 머신 사이트 추천BYJU슬롯사이트™s Layoffs: Edtech Major Regrets 슬롯사이트˜Delays슬롯사이트� in Settling Dues of Laid-Off Employees.
The edtech major last week elevated Mohan as the CEO of its India operations, as it mulls to sell some of its subsidiaries to repay its outstanding $1.2 billion Term Loan B (TLB) amid "difficult business restructuring".
Mohan succeeded Mrinal Mohit, 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 Byju슬롯사이트™s is mulling to sell 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).슬롯 머신 사이트 추천Byju's Layoffs: World's Most-Valued Edtech Startup Begins Job Cuts Across Departments Amid Increased Tension With Lenders, Say Reports.
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 Byju슬롯사이트™s proposal.
(The above story first appeared on LatestLY on Sep 26, 2023 11:22 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).