Byju's to lay off 2,500 employees

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Byju's, the world's most valued edtech startup would be laying off about 2,500 employees across departments to cut costs amid mounting losses, the company said in a statement

"To avoid redundancies and duplication of roles, and by leveraging technology better, around five percent of BYJU’S 50,000-strong workforce is expected to be rationalised across product, content, media, and technology teams in a phased manner," said the company in a statement.

The company also added that its India K-10 business, which includes Toppr, Meritnation, TutorVista, Scholar, and HashLearn, will now be consolidated as one business unit, other than Aakash and Great Learning which will continue to function as separate organisations.

(This is a developing story. Please check back for updates.)