As per the company’s statement, A global ed-tech company, Byju’s will be laying off nearly 5 percent of the workforce or 2,500 employees.
The company said the layoffs are a step to cut costs and achieve overall profitability. It added that lay off of employees will be across the departments to cut costs. The layoffs will not happen immediately but will happen over six months.
However, BYJU’s also claimed to have plans to hire about 10,000 more teachers in the coming year. This will be an addition to its current strength of 20,000 teachers.
“This (the new plan) will help us enhance efficiency, avoid redundancy. So there will be rationalisation of roles as well. Our hybrid teaching model which is the tuition centre and our online teaching model which is Byju’s Classes or our learning app is scaling very well. Especially for our first two products, we plan to hire 10,000 teachers. Our revenues will be on track as per what we are doing,” Gokulnath said.
According to the statement, “To avoid redundancies and duplication of roles, and by leveraging technology better, around five percent of BYJU’S 50,000-strong workforce is expected to be rationalised across product, content, media, and technology teams in a phased manner.”
Mrinal Mohit, CEO, BYJU’S India business said, “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 added.
The company has completed more than 15 acquisitions, including companies in the U.S., UK, Austria, India and Singapore.
Founded in India in 2011, BYJU’S mission is to make high-quality learning accessible to students everywhere. In 2021 it was 100 Most Influential Companies. BYJU’S is headquartered in India, with operations in more than 21 countries globally and learning programs in multiple languages
