Aakash Educational Services Limited (AESL), owned by Byju’s, has reportedly laid off 80 to 100 employees over recent months, including senior and mid-level executives, as part of its “Aakash 2.0” strategic shift. This restructuring effort comes as the company aims to introduce new business models and consolidate roles, creating a more streamlined operation for future growth.
The layoffs affected many long-serving employees, some of whom had been with the company for over four years. In an official statement, AESL emphasized that their talent management is based on a biannual review process. Despite these layoffs, the company expressed confidence in being a net hirer by year-end, as new opportunities emerge from its restructuring efforts.
This marks the first major layoffs since Byju’s acquired AESL in April 2021 for approximately $940 million. Leadership changes, including the recent appointment of Deepak Mehrotra as Managing Director and CEO, indicate a strategic realignment within AESL. The company is projected to exceed Rs 2,300 crore in operating revenue for FY23, though the financial statements for FY23 and FY24 have yet to be filed.
Summary:
- AESL laid off 80-100 employees as part of its “Aakash 2.0” strategic shift to restructure operations.
- The layoffs mark the first since AESL’s acquisition by Byju’s in 2021, with leadership changes further reflecting strategic realignment.
- AESL expects to be a net hirer by year-end, with projected revenue exceeding Rs 2,300 crore for FY23.