Byju’s to lay off 2,500 employees
By MYBRANDBOOK
Edtech startup BYJU’s will be showing pink slip to about 2,500 employees across departments to cut costs amid mounting losses. Around five percent of BYJU’S 50,000-strong workforce is expected to be rationalised across product, content, media, and technology teams in a phased manner.
The company said the layoffs are a step to cut costs and achieve overall profitability. However, BYJU’s also claimed to have plans to hire about 10,000 more teachers in the coming year, adding to its current strength of 20,000 teachers.
The company also added that its India K-10 acquisitions including Toppr, Meritnation, among others, will be consolidated into a single business unit, whereas Aakash and Great Learning will continue to function as separate organisations.
The company will also make changes to its marketing budget for more efficient growth. The edtech company is also planning to rejig its much-criticised sales model. The company's revenue fell 3 percent year on year to Rs 2,428 crore on a consolidated basis, down from Rs 2,511 crore the previous year. BYJU’s reported a Rs 4,589 crore loss in FY21, nearly 20 times the adjusted loss of Rs 231.69 crore loss in FY20 (2019-20).
Mrinal Mohit, CEO, BYJU’S India business, said, “As a mature organisation that takes its responsibility towards investors and stakeholders seriously, we aim to ensure sustainable growth alongside strong revenue growth. These measures will help us achieve profitability in the defined time frame of March 2023. These moves are expected to result in sizable savings with no impact on growth. None of these measures will have any impact on our revenue run rate.”
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