MASSIVE LAYOFF at Byju's! 2,500 employees to be fired

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New Delhi: India’s big ed-tech and Unicorn company BYJU has announced to layoff 5% of its staff that is around 2500 in the coming months in order to make the company profitable by the end of this financial year. The company futher informed that it would hire over 10,000 teachers in the coming months to expand the ed-tech segment and reach the teacher workforce strenght of 20,000.

To avoid redundancies and duplication of roles, the move will result in five per cent of its 50,000-strong workforce (about 2,500 people) to be "rationalised across product, content, media, and technology teams in a phased manner", the company said in a statement.

Besides, it plans to create unit of K-10 business by adding its acquistions like Toppr, Meritnation, TutorVista, Scholar, and HashLearn platforms. Over the last three years, BYJU`S acquired multiple companies whose integration with its core business is now complete.

BYJU aims to achieve “overall profitability” by March 2023.

“Since significant brand awareness has been created in India over the past few years, there is a scope to optimise marketing budgets locally and prioritise spending to increase brand awareness in overseas markets,” the statement claimed. 

After six stressful and tough months, the company`s Co-founder Byju Raveendran recently said that "the worst is finally over" and there is only "growth ahead" as seen in the company`s FY22 financial results, where it logged Rs 10,000 crore in gross revenues.

“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,” Mrinal Mohit, CEO of Byju’s India business, said. 

(With IANS Inputs)