Byju’s which is currently world’s highest valued education venture and the highest valued startup in India is looking to fire 2,500 employees after facing loss in the financial year 2021. The company has announced the lay-off of up to 5 percent of its total staff of 50,000 from all the departments including content, media, product and technology.
The tech startup recorded Rs 4,588 crore revenue loss in the financial year 2021 after which it has decided to cut the workforce. Furthemore, the content providers in India that include HashLearn, Meritnation, Tutorvista and Scholar have been integrated under one division. However, Great Learning and Aakash will work as individual businesses.
Co-founder Divya Gokulnath said that the company has designed a “path to profitability” which it plans to achieve by March 2023”. He further added that the company has built “significant brand awareness throughout India and there is scope to optimise the marketing budget”. He added that the company is now focusing on brand awareness overseas.
“None of these measures will have any impact on our revenue run rate,” said Mohit. 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.
Byju’s is looking to hire 10,000 teachers for the businesses in India and overseas. The company already has 20,000 teachers. The company faced Rs 4,588 crore loss which is 19 times higher than the financial year 2020. Divya has said that the revenue will be “on track as per what we are doing”. He added that the “hybrid teaching model and online teaching model are scaling very well”.