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.
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