Byju's To Layoff 2500 Employees

The edtech giant has decided to cut 2500 jobs in the next six months and refocus its energy on building global partners

Edtech giant, BYJU’S announced on Wednesday that it will be eliminating five per cent of its workforce, about 2500 jobs, in order to improve its profitability for the financial year (FY) 2022-2023.

Valued at $22 billion, BYJU’S is one of the leading global edtechs. This would be the second round of job cuts this year. In June, the edtech had hundred of layoffs amid the global market downturn. Roles across multiple departments will be cut along with the marketing budget in an effort to improve finances. 

According to new reports, BYJU’S has cleared all its debts, including paying $234 million to Blackstone, a global investment giant for the acquisition of Aakash at $1 billion. The edtech has also reported a net loss of Rs 4500 Crore in its audit report which was delayed by 17 months.

The startup is now retargeting and focusing on expanding its global outreach. Having created significant strides and brand awareness in India over the past few years, they are now looking at the scope to “optimise marketing budgets locally” and “prioritise spending to increase brand awareness in overseas markets,” they shared in a statement.

BYJU’S has raised approximately $6 billion to date with Prosus Ventures, Chan Zuckerberg Initiative, Sequoia Capital India, Silver Lake, Owl Ventures, UBS and Blackrock among its backers.


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