Popular Indian edu-tech startup Byju’s will lay off 2,500 employees in a bid to reach profitability by March next year, the Tiger Global-backed firm said on Wednesday. Valued at around US$22 billion in September, the online education platform in May reported a loss of 45.64 billion rupees ($554.77 million) for fiscal 2021 due to higher promotion and staff expenses.
The startup, which employs 50,000 people, said it expects layoffs across its product, content, media and technology teams, as well as an overhaul of sales and marketing approaches that will lead to “significant savings without impacting growth.” “Our aim is to deliver sustainable growth along with strong revenue growth,” said Mrinal Mohit, managing director of Byju’s India division.
The move comes against the backdrop of weak demand for Byju’s, which has turned out to be a pandemic winner as schools have had to remain closed for months due to lockdowns. The startup also plans to add 10,000 teachers to its current strength of 20,000 by 2023 amid growing competition, with ed-tech firms boosting their presence at the Kota coaching center and other cities in India.
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