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Byjus to lay off 2500 employees in the next 6 months

Recently, the tech startup Byjus announced the lay off of 2,500 employees, as the tech companies now-a-days are struggling hard in the aspects of financial losses for FY2021 are pushing the IT companies to regulate spending, freeze hiring and mostly sacking employees for poor performance. The company will be cutting about 5% of its 50,000 workforce across departments including product, content, media and technology in phases in the coming 6 months.

Also, they announced mass layoff to control budget spending and to optimize marketing and operational cost. The company registered a revenue loss of Rs 4,588 crore. It is also merging its K10 subsidiaries – Meritnation, Tutorvista, Scholar and HashLearn under one business unit. Meanwhile, Aakash and Great Learning will continue working as individual businesses.

The co-founder of Byjus, Divya Gokulnath said, “We have designed a path to profitability which we plan to achieve by March next year. We have built significant brand awareness throughout India and there is scope to optimize the marketing budget and prioritise the spends in a that creates a global footprint. Second is operational cost and the third is the integration of multiple business units.”

Now, the company will pay its attention on building brand awareness overseas. It plans to institute new partnerships and will hire 10,000 teachers for Indian and Overseas businesses. Their hybrid teaching model which is tuition center and their online teaching model which is Byjus classes or their learning app is scaling very well. Particularly for their first two products, they plan to hire ten thousand teachers. Their revenues will be on track based on their deeds.

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