Byju's, India's most valuable startup, has pushed back payments for a $1 billion acquisition it announced last year.
The Bengaluru-headquartered startup, valued at about $22 billion, has cut over 300 jobs at Toppr, an online learning startup it acquired last year for $150 million, and another 300 jobs at White Hat Jr, a kids-focused coding platform it acquired two years ago for $300 million.
A person familiar with the matter said that Byju extended the deadline for making part of the payments for the acquisition of Aakash. The Morning Context reported about the delay.
A Byju's spokesman said the startup was on track to make the payments on time.
Quality education in all learning segments, from early learning to exam prep and career success, is provided by all of our group companies.
The layoffs at Toppr were confirmed by the edtech giant, who said it had completed the integration of the company.
The next step is to make teams more focused on the long term growth of the company.
The layoffs at WhiteHat Jr were confirmed by the company, but they wouldn't say how many people were affected. The layoffs were reported by Entrackr.
Byju's did not say if more layoffs are in the works or if they are planned for the immediate future.
There has been a growing number of layoffs among Indian startup.
A struggling online grocery store, an online learning platform, a car marketplace, a social commerce platform, and an online pharmacy are some of the companies that have been started.
The market correction has been the most popular excuse for the elimination of 11,000 jobs in India this year.
Investors in India, as is the case elsewhere, have significantly slowed the pace of their investments as tech stocks globally fall to a level not seen in recent years.
All Rights Reserved © 2024
