Sept 26 (Reuters) – Indian schooling agency Byju’s plans to chop round 5,500 jobs to lower prices amid a restructuring of its enterprise, the Economic Times reported on Tuesday.

Arjun Mohan, who took over because the chief govt of the corporate’s India enterprise, has briefed senior executives that he can be merging a number of enterprise verticals as a part of the modifications, that are anticipated to be rolled out later this week or early subsequent week, the newspaper mentioned.

The job cuts are being applied solely at Byju’s mum or dad, Think & Learn (THIK.NS), and should not linked to any of its subsidiaries, the report mentioned, including {that a} important variety of roles to be made redundant would represent senior positions on the agency.

“They (Byju’s) want to bring more students to offline centres and that’s the main way the new management has identified to run operations that can sustain over a period of time,” ET mentioned, citing an individual conscious of the discussions.

Byju’s didn’t instantly reply to a Reuters request for remark.

The agency, valued at $22 billion final 12 months, has skilled a collection of enterprise setbacks, together with its auditor and board members quitting. In the previous couple of months, it has additionally been negotiating the reimbursement of a $1.2 billion mortgage.

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