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In another round of layoffs, Edtech company Byju's lets go of more than 1000 people, as per reports. This after the company handed out pink slip to atleast 2500 employees in October last year.  

Fresh layoffs at Edtech company Byju's

In another round of layoffs, Edtech company Byju's lets go of more than 1000 people, as per reports. This after the company handed out pink slip to atleast 2500 employees in October last year.&nbsp;&nbsp;

More trouble for edtech company Byju's. After being embroiled in controversy last year over alleged mis-selling and accounting discrepancies, reports say that the company has undertaken another round of layoffs. This comes just months afer 2500 employees were laid off in October last year.&nbsp; The current round of layoffs are reportedly from the engineering, sales, logistics, marketing and communications teams.&nbsp; What makes it worse is that the co-founder Byju Raveendran had sent out multiple emails to employees that the company would not undertake more layoffs after the last round.&nbsp;
A moneycontrol report says that none of the employees were told about the layoffs over mail but were asked to join meetings on Google meet where they were informed. The report also says, Byju's declined to comment on the story.&nbsp;&nbsp; Amidst a funding crunch, Byju's has been aggressively cutting costs after reporting a net loss of over Rs 4500 crore.&nbsp;&nbsp;
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Byju’s appoints Lionel Messi as brand ambassador; faces social media backlash 

Byju’s again facing social media backlash

Byju&rsquo;s appears to be continuing with its spending on promotions. For instance, the company spent close to $30-$40 million to become the first Indian company to sponsor a FIFA world cup

''Byju's has enough money to make Lionel Messi their global brand ambassador but has plans to layoff as many as 2,500 employees as a cost-cut measure'' is what one user wrote after Byju's announced football star and global sports icon Lionel &ldquo;Leo&rdquo; Messi as the first global brand ambassador of its social impact arm, Education For All.
Messi&rsquo;s signing comes ahead of the FIFA World Cup 2022, which counts Byju&rsquo;s as an official sponsor. The star footballer also runs his own non-profit organisation Leo Messi Foundation, which invests in areas like healthcare, education and sports.
While, the endorsement fee paid to Messi is not known, India&rsquo;s most valuable edtech company is currently taking tough measures to cut down its costs. The measures include laying off 2500 employees, shutting down its physical offices in multiple cities and shifting its sales machinery from on-field sales to inside sales.
However, Byju&rsquo;s appears to be continuing with its spending on promotions. For instance, the company spent close to $30-$40 million to become the first Indian company to sponsor a FIFA world cup.

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.

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

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

In the last few months, many edtech companies including Unacademy Group, Lido Learning, Vedantu have laid off their employees in a big way.

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.&nbsp;
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.
<a href="https://www.editorji.com/business-news/this-indian-entrepreneur-is-now-richer-than-rakesh-jhunjhunwala-anand-mahindra-1633067872936">Byju</a>'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 <a href="https://www.editorji.com/world-news/china-s-covid-lockdown-in-chengdu-after-quake-and-heatwaves-puts-locals-on-edge-1662973958310">coronavirus lockdown</a>, but now their demand has come down significantly.
Read More:- <a href="https://www.editorji.com/business-news/imf-cuts-2023-global-growth-says-worst-is-yet-to-come-1665543953697">IMF cuts 2023 global growth, says &lsquo;worst is yet to come&rsquo;</a>

byjus layoffs

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