Byju’s-owned test prep firm, Aakash Educational Services (AESL) has laid off 80 to 100 employees over the past couple of months, Entrackr reported quoting sources familiar with the matter.
“Aakash has fired anywhere between 80-100 employees, including senior and middle-level executives, who were impacted by the layoffs,” the report said.
Several long-time employees, some with over four years of service, were also laid off in the past few weeks, according to the report.
This is the first instance of significant job cuts at Aakash since its acquisition by Byju’s in April 2021 for approximately $940 million.
When contacted an AESL spokesperson stated, “As a high-performance organisation, our performance reviews, talent development interventions, and consequence management follow a biannual cycle. We are introducing new business models as part of the Aakash 2.0 strategy, which includes creating new roles, consolidating existing ones, and aggressively hiring new talent”. The spokesperson added that unlike other players in the category, AESL expects to be a net hirer by the end of the year.
However, the company did not disclose or confirm the exact number of employees affected by the recent layoffs.
Earlier this year, both companies withdrew their merger petition, continuing to operate independently under the Think and Learn brand.
In April, Aakash appointed Deepak Mehrotra as its managing director and chief executive officer. The company is expected to surpass Rs 2,300 crore in operating revenue in FY23, according to its valuation report, though it has yet to file audited financial statements for FY23 and FY24.