Byju’s To Cut 2,500 Jobs, Plans To Become Profitable By March 2023

Byju’s plans to cut nearly 2,500 jobs across different functions in an attempt to avoid redundancies, even as it plans to hire 10,000 teachers in the coming year.

The edtech firm will “rationalise” its workforce of 50,000 employees in a phased manner across product, content, media, and technology teams, which will help it to leverage technology “better”, it said in a statement.

“Around 5% of Byju’s 50,000-strong workforce is expected to be rationalised across.”

It plans to hire 10,000 teachers in the coming year, adding to its current strength of 20,000 teachers.

“To fuel its growth, the company is expanding its teams along with hiring senior leadership to further build operational strength.”

The company’s top priority is to achieve overall profitability by March 2023, it said.

Think & Learn Pvt. Ltd., the parent company of Byju’s, reported a net loss of Rs 4,588 crore in FY21. At Rs 2,430 crore, revenue was little changed from the previous 12 months.

The edtech startup blamed the performance on changes in accounting practices that led it to defer revenue to subsequent years. It also released the unaudited numbers for FY22 and the following four months showing significant sales growth.