Aakash Educational Services Limited (AESL), the offline coaching centre giant owned by Byju’s, has reportedly laid off around 100 employees in the last few months.
According to Entrackr’s report, the company has fired employeeswhich also includes senior and mid-level executives.
The report also notes that several long-standing employees were also affected by this round of layoffs.
Response to company actions
Responding to the layoffs, an AESL spokesperson said the company is undergoing a restructuring process as part of its Aakash 2.0 strategy.
The initiative aims to introduce new business models, create new roles, consolidate existing ones and increase hiring in specific areas.
“As a high-performance organisation, our performance appraisals, talent development interventions and consequence management follow a bi-annual 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 company spokesperson said.
Future hiring plans
Despite the layoffs, AESL plans to ramp up hiring by the end of the year. The company stressed that it expects to be a “net recruiter” by then.
“Unlike other players in the category, we expect to have net signings by the end of this year,” the spokesman added.
However, the exact number of employees affected by the layoffs was not disclosed.
First major layoffs since the acquisition
This is the first significant layoff at Aakash since it was acquired by Byju’s in April 2021 for Almost a billion dollars.
The acquisition, one of the largest in India’s edtech sector, was aimed at bolstering Byju’s offline test preparation business.
In April 2023, Aakash appointed Deepak Mehrotra as its MD and CEO. The company is projected to cross Rs 2,300 crore in operating revenue by FY23, according to its valuation report.
The company has not yet filed audited financial statements for fiscal years 23 and 24.
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