Byju's plans to cut more jobs to slash costs: Report

It comes at a time when Byju's has filed a lawsuit against the lenders of its $1.2 billion term loan B, which it raised in the US in November 2021.

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The company has also said that it will not be making any further interest payments until the case is resolved.

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These tactics, according to Byju's, included threatening to seize the company's assets and demanding that it make early repayments on the loan.

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Byju's has fired around 1,500 employees citing cost optimization and outsourcing of operations, four people familiar with the matter, told Mint.

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Byju's founder and chief executive officer Byju Raveendran in October had assured employees that no further layoffs beyond the planned 2,500 staff.

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In May, BlackRock, which holds one per cent stake in the company, had written down the edtech major Byju's valuation to $8.29 billion.

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