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.

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

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

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

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

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.