Edtech major BYJU'S is planning to lay off 1000 more of its employees barely six months after it let go of 5,000 employees.
According to media reports, the move, which is part of the company's cost-cutting measures and streamlining operations, will majorly affect the marketing department of the edutech firm.
While the number of employees who would lose jobs hasn't yet been confirmed, a report by Morning Context said 1,000 people will be laid off.
The company, which provides services to more than 150 million students around the world, has asked managers of its 280 tuition centres across the country to lay off two employees each from marketing and sales teams. Nearly 150 marketing managers will also be asked to leave, say media reports. Those who will be asked to go will be offered a severance package which consists of a two-months salary.
The company had recently skipped payments due on a $1.2 billion loan and instead disqualified the US lender for "predatory" tactics. BYJU'S filed a suit against investment management firm Redwood saying the US entity purchased a significant portion of the loan while primarily trading in distressed debt, which was contrary to the conditions of the term loan facility.
Last month BYJU'S raised $250 million debt funding from US-based investment manager Davidson Kempner Capital Management and is in discussion to secure an additional $700 million fund with other investors.
Meanwhile, the company will launch the Initial Public Offering (IPO) of its test preparatory arm Aakash Education Services Limited by the middle of next year.
—With PTI inputs