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Bengaluru, September 19: BYJU 's-owned Aakash Educational Services Limited or AESL, has reduced its workforce by cutting 80 to 100 jobs. A report said that the Aakash layoffs round had affected the employees working in senior positions and mid-level executives. The job cuts have been implemented in the past couple of months.
According to a report by Entrackr, Aakash has laid off a hundred people from its workforce due to the strategic shift. The report said that the 80-100 people affected by the Aakash layoffs were from senior and mid-level positions. In the past few weeks, the company also laid off the long-term employees who had been with it for over four years.
An AESL spokesperson reportedly said the company would introduce new business models as part of its Aakash 2.0 strategy. Under this new strategy, the educational service provider would create new roles and consolidate the existing positions.
Udemy Layoffs: US-Based Edtech Major To Lay Off 280 Employees Amid Restructuring, Rehire at Lower Cost Geographies, Says Report. The Aakash spokesperson further said that the company's focus would be on aggressively hiring new talents. The spokesperson said that Aakash followed a bi-annual cycle that included "performance reviews, talent development interventions, and consequence management.
" Further, it was highlighted that the company, unlike other players in the market, would expect to be net hires by the end of 2024. BYJU acquired Aakash Educational Services Limited in April 2021 for USD 940 million, and since then, the company has announced layoffs for the first time. AESL was founded by the Chaudry family, who did not agree to swap the remaining stake due to governance concerns.
The family still owns 11% stake in the company. Following this, BYJU and AESL decided to operate separately under the Think and Learn brand and withdrew their merger petition. Cisco Layoffs: US Tech Giant Laying Off Around 5,600 Employees, 7% of Its Workforce To Focus on AI, Automation and Cloud for Future Growth.
Recently, Udemy laid off about 20% of its workforce, 280 employees, amid restructuring. Besides, BYJU's, Scaler, and Unacademy, among others in the education technology industry, also laid off several people. This suggests the struggles of the edtech sector due to the economy and technology, which are making them change the structures of their businesses.
(The above story first appeared on LatestLY on Sep 19, 2024 11:35 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com ).
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