Edtech giant Byju’s has laid out a plan to become profitable by March 2023 to optimize its marketing and operating costs, which will lead to layoffs of 5% or about 2,500 jobs over the next six months.
Divya Gokulnath, Byju’s co-founder, told PTI that the company will start focusing on building brand awareness overseas through the new partnership and hiring 10,000 teachers for its Indian and overseas operations.
“We have designed a path to profitability, which we plan to achieve by March 2023. We have built significant brand awareness across India and can optimize marketing budgets and prioritize spend to create a global footprint. The second is Operational third is the integration of multiple business units,” Gokulnath said.
K10’s subsidiaries – Meritnation, TutorVista, Scholar and HashLearn – will now be consolidated into one business unit under the India business, she said.
Aakash and Great Learning will continue to operate as independent organisations.
“This (new program) will help us to be more efficient and avoid redundancy. So roles will be rationalized. Our hybrid teaching model is Tuition Centre, our online teaching model is Byju’s Classes or our learning app is expanding um. Special Yes for our first two products, we plan to hire 10,000 teachers. Our revenue is going to be on track with what we’re doing,” Gokulnath said.
To avoid layoffs and duplication of roles, and by making better use of technology, about 5% of Byju’s 50,000 employees are expected to be rationalized across product, content, media and technology teams, she said.
“In the next six months, about half of the new hiring will be in India. We will be hiring in English and Spanish. Teachers will be from the US and India. We are also looking at expanding into Latin America,” Gokulnath said.
It will leverage partnerships with brands such as FIFA, and new partnerships will focus on communicating the added value the company is doing in learning, she said.
Byju recorded a loss of Rs 4,588 crore for the financial year ended March 31, 2021, 19 times the previous financial year, as the country’s most valuable startup released its audited report on Wednesday after months of delay Financial Statements.
Losses in 2020-21 widened from Rs 2,316.9 crore in 2019-20. Revenue in FY21 fell to Rs 2,428 crore from Rs 2,511 crore in FY 20.
But for the financial year ending March 31, 2022, the company said revenue quadrupled to Rs 10,000 crore, without disclosing profit and loss figures for the year.
(This story has not been edited by NDTV staff and was automatically generated from the syndicated feed.)