FILE PHOTO: People walk past an advertising hoarding of Byju's, an Education Technology company and one of India's biggest startup, outside one of its branch in New Delhi, India, June 23, 2023. REUTERS/Adnan Abidi/File Photo
(Reuters) - Indian education firm Byju's plans to cut around 5,500 jobs to decrease costs amid a restructuring of its business, the Economic Times reported on Tuesday.
Arjun Mohan, who took over as the chief executive of the company's India business, has briefed senior executives that he will be merging several business verticals as part of the changes, which are expected to be rolled out later this week or early next week, the newspaper said.
The job cuts are being implemented only at Byju's parent, Think & Learn, and are not linked to any of its subsidiaries, the report said, adding that a significant number of roles to be made redundant would constitute senior positions at the firm.
"They (Byju’s) want to bring more students to offline centres and that’s the main way the new management has identified to run operations that can sustain over a period of time," ET said, citing a person aware of the discussions.
Byju's did not immediately respond to a Reuters request for comment.
The firm, valued at $22 billion last year, has experienced a series of business setbacks, including its auditor and board members quitting. In the last few months, it has also been negotiating the repayment of a $1.2 billion loan.
(This story has been corrected to change Arjun Mohan's designation to say CEO of Byju's India business, not the company, in paragraph 2)
(Reporting by Shivani Tanna in Bengaluru; Editing by Pooja Desai)
