BYJU’S Hits Pause On Campus Hiring Amid Extensive Restructuring

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BYJU’S will put participating in campus hiring on hold this year as it carries out extensive cost-cutting measures in a bid to stabilise the ship.

The edtech giant is unlikely to hire anyone from campus as it undertakes restructuring which would take 6-7 months, according to a Mint report. Engineering colleges, including some of the IITs, have not received a hiring schedule from BYJU’S, the report added.

BYJU’S might also pause hiring across all levels, as a cost rationalisation plan has been set into motion to reduce cash burn, the report further said.

The development comes as Inc42 reported earlier this week that the edtech giant will be firing up to 4,000 employees to cut costs. The retrenchments come just under a year after BYJU’S fired 2,500 employees and has since laid off several employees in tranches.

“We are in the final stages of a business restructuring exercise to simplify operating structures, reduce the cost base and better cash flow management. BYJU’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,” a BYJU’S spokesperson said on Wednesday.

BYJU’S has been fighting a war on multiple fronts, be it alleged corporate governance lapses leading to resignations of its non-promoter board members and statutory auditor or legal tussle with its lenders of Term Loan B. The persistent problems have led the edtech giant to restructure its business.

The edtech giant is also exploring the sale of two US-based subsidiaries, Epic and Great Learning, to pay off its debts. BYJU’S also appointed Arjun Mohan, a former CBO at BYJU’S and the India chief executive of UpGrad, as the new India CEO.

The post BYJU’S Hits Pause On Campus Hiring Amid Extensive Restructuring appeared first on Inc42 Media.

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BYJU’S Hits Pause On Campus Hiring Amid Extensive Restructuring

BYJU’S will put participating in campus hiring on hold this year as it carries out extensive cost-cutting measures in a bid to stabilise the ship.

The edtech giant is unlikely to hire anyone from campus as it undertakes restructuring which would take 6-7 months, according to a Mint report. Engineering colleges, including some of the IITs, have not received a hiring schedule from BYJU’S, the report added.

BYJU’S might also pause hiring across all levels, as a cost rationalisation plan has been set into motion to reduce cash burn, the report further said.

The development comes as Inc42 reported earlier this week that the edtech giant will be firing up to 4,000 employees to cut costs. The retrenchments come just under a year after BYJU’S fired 2,500 employees and has since laid off several employees in tranches.

“We are in the final stages of a business restructuring exercise to simplify operating structures, reduce the cost base and better cash flow management. BYJU’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,” a BYJU’S spokesperson said on Wednesday.

BYJU’S has been fighting a war on multiple fronts, be it alleged corporate governance lapses leading to resignations of its non-promoter board members and statutory auditor or legal tussle with its lenders of Term Loan B. The persistent problems have led the edtech giant to restructure its business.

The edtech giant is also exploring the sale of two US-based subsidiaries, Epic and Great Learning, to pay off its debts. BYJU’S also appointed Arjun Mohan, a former CBO at BYJU’S and the India chief executive of UpGrad, as the new India CEO.

The post BYJU’S Hits Pause On Campus Hiring Amid Extensive Restructuring appeared first on Inc42 Media.

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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