Byju’s, an Indian edtech startup, is letting go of 2,500 of its workers. The layoffs “will not happen immediately,” according to the corporate representative, but rather “over the course of six months.”
In-depth details about To achieve profitability by FY23, Byju’s plans to fire 2500 employees over the course of six months:
The corporation also has plans to add 10,000 more teachers to its workforce in the upcoming year, bringing the total to 30,000. The company said in a statement on Wednesday that these actions are being made to become portable in FY23 and prevent redundancies and position duplication.
“Approximately five percent of Byju’s 50,000-strong workforce is projected to be rationalized across product, content, media, and technology teams in a stepwise way to reduce redundancies and duplication of responsibilities, and by better leveraging technology,” the statement said.
To ensure “more efficient growth,” the corporation added that it is also restructuring its marketing budget.
According to the statement, there is room to optimize marketing costs locally and prioritize investing to raise brand awareness in international markets because India has developed tremendous brand awareness over the past several years.
After releasing its FY21 figures, which showed that its losses had increased by nearly 20 times to Rs 4,588.75 crore from Rs 231.69 crore in FY20, Byju’s, which is registered under the name of Think & Learn Pvt. Ltd., made headlines last month.
The corporation stated that it intends to take these steps in order to achieve the profitability goal it has set for itself.
“As an established company that takes its obligation to stakeholders and investors seriously, we work to achieve sustainable growth in addition to rapid revenue growth. These steps will enable us to turn a profit by March 2023, as planned, according to Mrinal Mohit, the CEO of Byju’s India operation.
