Edtech major Byju s may lay off up to 3,500 employees during the current fiscal as it looks to consolidate teams and enhance regional focus, sources privy to the development said.
According to one of the sources, Byju s had over hired people at the time of Covid pandemic due to sudden jump in online education, but the demand has now receded, for which the company needs to do course correction. There has been no retrenchment as of now.
Byju's acquires Tynker, a US-based coding platform, in a stock-and-cash deal, in an effort to boost its market expansion in the United States. Tynker is also likely to integrate with Byju's Future School offerings, giving students more options.
WhiteHat Jr founder departs a year after selling to Byju’s
Karan Bajaj, the founder and chief executive of WhiteHat Jr, is leaving the firm a year after selling the startup for $300 million to Indian edtech giant Byju’s.
In an email to employees on Wednesday, Bajaj and Byju’s founder and chief executive Byju Raveendran said the departure follows a “mutually decided” decision made at the time of acquisition of WhiteHat Jr.
Chatter about Bajaj leaving the firm has been floating around for more than a quarter. TechCrunch inquired Byju’s in early April if Bajaj was going to leave the firm, a detail India’s most valuable startup dismissed as false at the time.
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Indian edtech unicorn Byju’s on M&A spree, buys Toppr and Great Learning
Byju Raveendran, the founder of Byju s. Photo: Hemant Mishra/Mint
July 26, 2021
Edtech unicorn and India’s most valuable startup Byju’s is continuing its acquisition spree by buying after-school learning app Toppr and upskilling platform Great Learning in a cash and stock deal, according to regulatory filings filed by the company.
With this, Byju’s has acquired six startups in 2021, across India and the US.
The edtech company recently raised $1.5 billion from UBS Group, Abu Dhabi sovereign fund ADQ, and Blackstone Group LP among others, at a valuation of $16.5 billion, making it the highest valued Indian startup, as it overtook initial public offering (IPO)-bound Paytm’s $16 billion valuation.