Edtech giant Byju’s to cut 2,500 jobs to become profitable

Byju's, which is the world's most valuable edtech company, plans to turn profitable by March 2023. The company says that it will optimize its marketing and operational costs. For this, the company will lay off five percent or about 2,500 employees in the next six months.

Byju's co-founder Divya Gokulnath said that the company will start focusing on increasing brand awareness overseas through new partnerships. She said in addition, the company will hire 10,000 teachers for business in India and overseas.

Byju's had a loss of Rs 4,588 crore in the financial year which ended March 31, 2021. Earlier in June also, the company had laid off about 2500 employees. There was a huge increase in the demand for edtech services during the coronavirus lockdown, but now their demand has come down significantly.

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