Business News : Byju's to lay off 2500 employees in next six months

Education technology company Byju's plans to reach a profitable position by March 2023 by maximizing its marketing and operating costs. For this, the company will lay off five percent i.e. about 2,500 employees in the next six months. The company's co-founder Divya Gokulnath told PTI-language that the company will start focusing on increasing brand awareness abroad through new partnerships. In addition, it will employ 10,000 teachers for business in India and abroad.

Divya Gokulnath said, “We have created significant brand awareness across India. We now plan to achieve profitability by March 2023. For this we have made a way. Under the scheme, the marketing budget will be maximized and the priority of expenditure will be fixed.

He said, “This new scheme will help us to increase efficiency, avoid waste. Our hybrid learning model - 'Tuition Centre' and our 'online learning model' which is Byju's classes or our 'Learning App'. Specifically, we plan to hire 10,000 teachers for our first two products.

Byju's had a loss of Rs 4,588 crore in the financial year ended March 31, 2021.