BYJU’S announced that it will lay off approximately 2,500 employees, accounting for 5% of its workforce across product, content, media, and technology teams.
The edtech decacorn, which was last valued at $23 billion and is backed by Prosus Ventures, Sequoia Capital, and other prominent investors, announced in a statement that it has taken drastic steps to achieve profitability by the end of the current fiscal year (FY23). BYJU’S also announced the consolidation of its K-10 acquired businesses, including Toppr, Meritnation, TutorVista, HashLearn, and Scholar, into a single business unit. Great Learning and Aakash, on the other hand, will continue to operate independently. The edtech platform stated that it has laid off employees in order to avoid role duplication and to leverage more technology.
