(Reuters) – India’s popular edu-tech startup Byju’s will lay off 2,500 employees in its push towards achieving profitability by March next year, the Tiger Global-backed firm said on Wednesday.
Valued at around $22 billion in September, the online learning platform had in May reported a loss of 45.64 billion rupees ($554.77 million) for fiscal 2021 due to higher promotion and employee expenses.
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The startup, which employs 50,000 people, said it expects layoffs at its product, content, media and technology teams as well as revision of sales and marketing approaches to result in “sizable savings with no impact on growth”.
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