Indian ed-tech platform Byju's has decided to lay off 2,500 employees from its workforce, as the company plans to turn profitable by March 2023.
The move from Byju's comes at a time amid market volatility and accumulating losses for the ed-tech platform.
"o avoid redundancies and duplication of roles, and by leveraging technology better, around 5 per cent of Byju's 50,000-strong workforce is expected to be rationalised across product, content, media, and technology teams in a phased manner," said Byju's in a statement.
Meanwhile, Byju's co-founder Divya Gokulnath told PTI that the company will start focussing on building brand awareness overseas through new partnerships.
She also added that the ed-tech platform will hire 10,000 teachers for Indian and overseas businesses.
Divya also made it clear that Byju's' K10 subsidiaries -- Meritnation, TutorVista, Scholar and HashLearn will be soon consolidated as one business.
She also noted that Aakash and Great Learning will continue functioning as different businesses.
It should be noted that Byju's had laid off about 600 employees from WhiteHat Jr and Toppr. The company, at that time, revealed that the decision was made to drive cost efficiency.
According to the company's financial report, Byju's recorded a loss of Rs 4,588 crore for the financial year ended March 31, 2021, up 19 times more than the preceding year.
In September, Byju's paid $234 million (Rs.19 billion) to Blackstone Inc. to settle its dues owed to the private-equity firm while acquiring Aakash Educational under a $950 million deal.
Last month, Byju's founder Byju Raveendran wrote a letter to his employees and stated that the company is on the path to success, and there is nothing to worry about.
"Going forward in FY23 and beyond, we will combine growth with efficiency to ensure sustainability. We have already started shifting our focus towards profitable growth. The overall idea is to allocate resources effectively in order to maximize impact," wrote Byju Raveendran.