Indian edtech major BYJU’S has decided to undergo a fresh round of layoffs over the next few weeks as part of a restructuring exercise, Business Today has learned from sources. This development comes as the edtech struggles with a severe funding crunch, battles lenders and has faced a markdown in its valuation.

Sources claim that the layoffs would impact around 4,000 employees, which accounts to over 11 per cent of its 35,000 strong workforces. A company spokesperson confirmed this, but declined to reveal the actual number of employees who would be impacted. They noted that the edtech is in the final stages of a business restructuring exercise.

“We are in the final stages of a business restructuring exercise to simplify operating structures, reduce the cost base and better cash flow management. BJYU’S new India CEO, Arjun Mohan, will be completing this process in the next few weeks and will steer a revamped and sustainable operation ahead,” said a BYJU’S spokesperson.

Arjun Mohan was appointed CEO of India operations a few weeks ago, replacing Mrinal Mohit. Mohan was previously the company’s Chief Business Officer (CBO), but left the company to work for Ronnie Screwvala-led edtech firm UpGrad.