After suffering huge losses in the past quarters, Edtech giant Byju‘s has announced a plan to bring the business back on track and make profits to manage the business and marketing expenses which will come at the cost of loss of 2500 jobs at a go!
As per the new plan of action, Byju’s will shift focusses and build its market overseas for which the brand is considering some partnerships. Byju’s will hire 10,000 teachers for expanding its India and overseas business.
According to the company founder, this is the pathway to growth and will lead the brand to expand global footprint. It is already a well-known brand throughout India and the company realized about the scope that exists to optimize the marketing budget and create a global footprint.
In a major revamp the company subsidiaries—Meritnation, TutorVista, Scholar and HashLearn will now be integrated into one business unit under India business.
On the contrary, Aakash Institute and Great Learning will continue to function as separate entities.
“The new plan may be heavy on employment for thousands, but will help enhance efficiency, avoid redundancy for the loss-making business.
To avoid redundancy and duplication of job roles, the brand will try to leverage the technology better.
Post firing 2500 existing employees, the company plans to hire people in India in the next six months for the English and Spanish speaking market
Byju’s has made major losses of Rs 4,588 crore for the fiscal year ended March 31, 2021,from Rs 231.69 crore in 2019-20.