Byju’s announced the firing of 2,500 employees. A total of 5% of the company’s 50,000 employees will be fired over the course of the next six months, which include the employees from the product, content, media, and technology departments.
To manage budget spending and reduce marketing and operational costs, a mass layoff was announced. Byju’s, considered to be the most valuable startup in India, experienced a revenue loss of Rs 4,588 crore. According to PTI, Byju’s is also unifying all of its K10 subsidiaries under one corporate unit, including Meritnation, TutorVista, Scholar, and HashLearn. Aakash and Great Learning will carry on operating as separate companies in the interim.
Byju’s co-founder Divya Gokulnath told PTI, “We have designed a path to profitability which we plan to achieve by March 2023. We have built significant brand awareness throughout India and there is scope to optimise the marketing budget and prioritise the spends in a way that creates a global footprint. Second is operational cost and the third is the integration of multiple business units.
Divya Gokulnath, a co-founder of Byju, said that the business will now concentrate on expanding brand awareness abroad. It intends to form new alliances and hire 10,000 teachers for businesses in India and abroad. “This (the new plan) will assist us in increasing efficiency and preventing duplication. Roles will therefore be rationalised as well. Our online teaching model, Byju’s Classes or our learning app, and our hybrid teaching model, tuition centres, are both scaling very well. We intend to hire 10,000 teachers, particularly for our first two products. Our income projections will be accurate given what we are doing “Added she.”
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