Byju’s cuts 2500 job: Consolidation, better use of technology and more that the company execs said on job cuts – Times of India

Edtech major Byju’s said that it would cut – or “rationalise” – about 5% of its 50,000-strong workforce across departments such as product, content, media and technology in a phased manner. This would translate to about 2,500 people losing their job. The final number may be different, but it would still be one of the largest layoffs by a major startup. Byju’s has also decided to consolidate its India K-10 business, which includes Toppr, Meritnation, TutorVista, Scholar, and HashLearn, under a single business unit. Byju’s booked a loss of Rs 4,588 crore for fiscal year ended March 31, 2021, 19 times more than the preceding fiscal, as the nation’s most valuable startup released audited financial statements after months of delay. In the fiscal ending March 31, 2022, the company said that revenue soared four-fold to Rs 10,000 crore but it did not reveal profit or loss numbers for that year. Here’s all that the company said on job cuts and more
Integrated all its India businesses
The company said it has integrated all its India businesses that provide content for kindergarten to class 10. These include its acquisitions over the past three years of Toppr, Meritnation, TutorVista, Scholar, and HashLearn. Only Aakash Institute and Great Learning will continue to function as separate organisations.
Move in line with aim to turn profitable by FY23
The company in a statement said that the moves are in line with its aim to turn profitable by FY23. “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.
Job cuts across verticals
The company said that job cuts are partly on account of the redundancies created by this integration, and partly because of better use of technology. The layoffs will be across product, content, media, and technology teams. The company said there will also be re-targeting of the marketing budget towards more efficient growth. “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 company said. agencies
To hire 10,000 teachers for India and overseas business.
The company, however, said it will be a net hirer in this fiscal, with plans to add 10,000 teachers to its existing teacher strength of 20,000. It said it is expanding its teams along with hiring senior leadership to further build operational strength. “Around half of the new hiring will take place in India in the next six months. We will hire in the English and Spanish speaking market. Teachers will be from the US and India. We are also looking at expanding to Latin America,” Byju’s co-founder Divya Gokulnath said.
(with agency inputs)