Aakash Layoffs: Edtech Firm Fires About 100 Employees

Aakash Layoffs: The report further states that several long-time employees, including some with more than four years of service, were also let go in recent weeks

The spokesperson did not provide a specific number of employees impacted by the recent layoffs at the institute

Source : Studydekho

Aakash Layoffs: Byju's-owned institute, Aakash Educational Services Limited (AESL), has reportedly laid off 80 to 100 employees in recent months. The layoffs have affected senior and middle-level executives, according to a report by Entrackr citing familiar sources.

“Aakash has fired anywhere between 80-100 employees, including senior and middle-level executives, who were impacted by the layoffs,” said one source in the report.

The report further states that several long-time employees, including some with more than four years of service, were also let go in recent weeks.

An AESL spokesperson told the publication, “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. Unlike other players in the category, we expect to be net hirers by the end of this year.”

The spokesperson did not provide a specific number of employees impacted by the recent layoffs at the institute.

This marks the first instance of job cuts at Aakash since it was acquired by Byju’s in April 2021, when the Bengaluru-based edtech giant invested approximately $940 million in the company. However, the Chaudhry family, the founders of Aakash Educational Services Limited, opted not to exchange their remaining stake, citing concerns related to governance.

Earlier this year, both Aakash and Byju’s chose to withdraw their merger petition, allowing them to continue operating independently under the Think and Learn brand.

In April, Aakash appointed Deepak Mehrotra as its managing director and chief executive officer. According to a valuation report, the company is projected to exceed Rs 2,300 crore in operating revenue for the fiscal year 2023. However, it has not yet submitted audited financial statements for the fiscal years 2023 and 2024.