Byju's owned Toppr sacks hundreds of employees; here's why
According to a spokesperson for Byju, the decision has been made to realign business priorities and optimise teams.
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FollowEdtech giant Byju's group firm Toppr fired 1,100 employees earlier this week by calling them and asking them to put down their papers, as per PTI. This comes on the heels of reports that Whitehat Jr, another Byju firm, has laid off around 300 employees. The figures are not confirmed, as Byju claims that no more than 500 employees have been laid off across all of Byju's companies.
A person associated with the Chemistry subject matter expert told PTI that approximately 36% of Toppr's workforce had been laid off, adding that the entire team he worked with had been laid off. "I am a member of the Chemistry subject matter expert team. My entire team has been terminated. Toppr has promised one month's pay to those who resign and no pay to those who do not," said the individual.
In July of last year, Byju's paid approximately $150 million for Toppr. In addition, Whitehat Jr was purchased for $300 million in 2020.
According to experts, all edtech companies struggled after physical classes resumed because online classes are no match for physical classes. According to a Toppr employee laid off, "We've been hearing reports of low business since offline classes resumed across the country. I've also worked at Whitehat Jr. Online education cannot compete with in-person instruction."
According to a spokesperson for Byju, the decision has been made to realign business priorities and optimise teams.
Meanwhile, according to a person familiar with the situation, Byju's has offered to buy 2U Inc. for more than $1 billion in cash. Byju's, on the other hand, has reportedly delayed payments for its $1 billion acquisition of test-preparation provider Aakash Educational Services last year.
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