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Byju's To Lay Off 2,500 Employees
Byjus to lay off 5 per cent of the workforce from a total of 50,000. It aims to make itself profitable till the end of the Financial Year 2023
Photo Credit :
layoff
Ed-Tech Unicorn Byjus to lay off 5 per cent of its 50,000 workforces across departments such as products, content, media and technology in different phases. The 5 per cent roughly means 2,500 employees. The company aims to make it profitable in FY 23 said in a statement.
According to the media reports the company had decided that K10 subsidiaries like Meritnation, TutorVista, Scholar and HashLearn will now be consolidated as one business unit under India business.
"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,” said Mrinal Mohit, CEO, Byju’s India business.
Earlier this year the company fired at least 600 people from group firms Toppr and WhiteHat Jr. Byjus was also recently known for booking losses of INR 4,588 crore in FY 21 according to media reports.