Byju's To Fire 2500 Employees
BYJU's 50,000-person staff will be reduced by 5% across product, content, media, and technology teams.
BYJU's, the world's most valuable edtech startup, will lay off 2,500 staff to trim costs amid rising losses.
About 5% of BYJU's 50,000-strong workforce will be rationalized to remove redundancies and duplicate roles and better leverage technology.
Toppr, Meritnation, TutorVista, Scholar, and HashLearn will be combined into a single business entity, but
Aakash and Great Learning will remain separate.
The company's last six months were problematic due to a delayed annual report, layoffs, and funding issues.
"It can't be harder. If this doesn't break us, nothing will, says firm founder Byju Raveendran. He's having restless nights over questions business.
BYJU predicts FY21 revenue of $327 million, down 14%. Due to a change in accounting standards, a large percentage of its firm development was not reported in sales.
The company stated the layoffs are to minimize expenses and increase profitability. BYJU has 20,000 teachers, but aims to hire 10,000 more in the future year.
In order to strengthen its operational strength, BYJU'S is increasing the size of its teams and hiring senior executives.