India’s Byju’s to cut 2,500 staff, aims for profitability by March 2023

India's Byju's to cut 2,500 staff, aims for profitability by March 2023

(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.

Also read: GST deduction on subsidised meal cost recovered from employees no required: AAR

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”.

Stay connected with us on social media platform for instant update click here to join our LinkedInTwitter & Facebook

Business Manager

View all posts

Add comment

Your email address will not be published. Required fields are marked *

November 2024

Tech & Human Equation

Submit Your Article

Would you like to share your views? submit your Aricle by clicking on the button below. Submit your Article
error: Content is protected !!