“To avoid redundancies and duplication of roles and by improving technology, five percent of BYJU’s 50,000-strong workforce is expected to be rationalized in a phased manner across production, content, media and technology teams,” BYJU’s statement said. . The India K-10 acquisitions, which include companies like Toppr, Meritnation, TutorVista, Scholar and HashLearn, will be consolidated into a single unit, while Aakash and Great Learning will continue as separate entities, the company said.
BYJU’s India Business Head Mrinal Mohit said in a statement that the company takes its responsibility towards investors and shareholders seriously and aims to ensure sustainable growth along with strong revenue growth. “These measures will help us achieve profitability within the defined timeframe of March 2023,” Mohit said in his statement.
According to a Moneycontrol report in June, BYJU is laying off 2,500 full-time and contract employees from Toppr, WhiteHat Jr and its core team in sales and marketing, operations, content and design teams. Notably, Byjus is India’s most valued startup at $22 billion.
According to Moneycontrol Report, BYJU’s revenue contracted by 14 percent to $327 million in FY21. In a statement on Wednesday, it said the layoffs will help reduce costs and achieve overall profitability. However, BYJU said it will hire another 10,000 teachers in the coming year, from its current strength of 20,000.
“At a group level, BYJU’S will continue to fuel its growth as the company expands its teams and hires senior leadership to further enhance operational strength. In the last three years, BYJU’S has acquired several companies, integration with its core business is now complete,” the company said in a statement.
BYJU said it will make changes in its marketing budget for more effective growth. The company believes that significant brand awareness has been built in India over the past few years and BYJU believes that there is an opportunity to prioritize spending to optimize budgets locally and increase brand awareness in overseas markets. Furthermore, the company plans to revamp its sales model as well.