Byju’s stated that it planned to achieve profitability by March 2023. However, the Tiger Global-backed edtech company announced in September that it had lost 4,588 crore rupees for the fiscal year 2021 due to rising labour and promotion costs.
To become profitable by March 2023, Byju’s has created a plan to lower its marketing and operational expenses. As a result, 5% of its workforce, or around 2,500 employees, will be let go during the following six months.
The company will start focusing on building brand awareness abroad through new partnerships, and it will hire 10,000 teachers for both its Indian and international operations, according to Divya Gokulnath, co-founder of Byju.
“We have designed a path to profitability which we plan to achieve by March 2023. We have built significant brand awareness throughout India and there is scope to optimise marketing budget and prioritise the spends in a way that it creates a global footprint. Second is operational cost and the third is integration of multiple business units,” Gokulnath said.