Byju’s, the Indian edtech company has decided to lay off 2,500 employees in the next six months. This is part of an attempt to rationalise the workforce and try and achieve profitability in the financial year 2023.
As per a media statement by the company, the current layoffs will happen in a phased manner, across the departments of product, content, technology and media. The latest layoffs aim to avoid redundancy and duplication of roles by leveraging technology.
The Company is reportedly looking to cut some of its field sales staff and plans to now focus more on inside selling, which will lead to better customer satisfaction.
Earlier this year, Byju’s group of companies had laid off 600 employees at WhiteHat Jr and Toppr to drive cost efficiency.
In the recent past, many edtech firms have laid off employees taking up the total loss of jobs to more than 1000. The major concern for many startups has been the dearth of funding this year which has led them to cut costs by downsizing.
These layoffs come just when the Company has seen an uptick in its financial losses. In the previous financial year of 2023, the Company saw a loss of Rs 4588 crore, which was more than the Rs 231.69 crore loss in the financial year 2020.
On the other hand, to carry on its growth path, Byju’s plans to hire 10,000 teachers by the end of the year, taking the total strength of teachers from 20,000 to 30,000.
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