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In an abrupt move, <keyword id="237838" type="General" weightage="20" keywordseo="arjun-mohan" source="Orion">Arjun Mohan</keyword>, who was elevated as the embattled edtech firm Byju <keyword id="5645" type="General" weightage="20" keywordseo="ceo" source="Orion">CEO</keyword> just about seven months back, has quit to pursue other opportunities, the company confirmed on Monday. The company's Co-founder and CEO <keyword id="1702989" type="General" weightage="20" keywordseo="byju-raveendran" source="Orion">Byju Raveendran</keyword> will take a more hands-on approach in spearheading the daily operations of the company after Mohan's resignation, who will be part of the edtech firm in an "external advisory role". The move is aimed at streamlining the operations and positioning the company for "long-term success". "Mohan has done an outstanding job steering Biju's through a challenging period. We are grateful for his leadership and look forward to his continued contributions as a strategic advisor," Raveendran said. The company has now decided to consolidate its business into three "focused" divisions -- The Learning App, Online Classes &amp; Tuition Centres, and Test-prep. Each of these <keyword id="54698" type="General" weightage="20" keywordseo="units" source="Orion">units</keyword> will have separate leaders who will independently run the businesses sustainably to ensure profitability, said the company. "This reorganisation marks the start of <keyword id="6384897" type="General" weightage="20" keywordseo="byjus" source="Orion">BYJU'S</keyword> 3.0 -- a leaner and more agile organisation ready to quickly adapt to evolving market dynamics, especially in the realm of hyper-personalised education," according to Raveendran. Facing a severe cash crunch, the edtech company in September last year elevated Mohan as the CEO of its India operations. Mohan succeeded Mrinal Mohit, founding partner and the outgoing head of India business at the company, who embarked on a new journey to pursue personal aspirations. "By focusing on our core strengths with three specialised business units, we will unlock new growth opportunities while continuing to focus on profitability," said Raveendran.

Byju's CEO Arjun Mohan quits, company to consolidate biz in 3 units

New Delhi, In a determined pursuit of a fair resolution, education technology giant <keyword id="6384897" type="General" weightage="20" keywordseo="BYJUS" source="Orion">BYJU'S</keyword> finds itself pushing back against "unrealistic and unacceptable terms" made by its US lenders of Term Loan B (TLB) during the ongoing renegotiation of their contract. The lenders, employing the threat of litigation, have exerted pressure on BYJU'S to drastically alter the core of the contract, which had been agreed upon in 2021. Despite BYJU'S willingness to step up to a higher interest rate and offer partial payment of the principal, the lenders proceeded with litigation, intensifying the ongoing back-and-forth between the two parties. BYJU'S has maintained a flawless track record of meeting its interest payments without any defaults. The situation between BYJU'S and a group of its hawkish TLB lenders, who trade in distressed debt, highlights the challenges faced by startups navigating the complex and opportunistic world of finance, where negotiations can quickly turn adversarial. As a non-operative entity in the United States, BYJU'S Alpha, a subsidiary of BYJU'S, has become the target of the lenders' legal actions. BYJU'S Alpha was solely created as a borrowing entity, to facilitate the borrowing process of the TLB. "The genesis of this conflict lies in the renegotiation of the TLB contract, which was signed in good faith by both parties in 2021. However, the lenders' subsequent demands have been nothing short of egregious. As a global leader in <keyword id="1464841" type="General" weightage="50" keywordseo="edtech" source="Orion">edtech</keyword>, BYJU'S has decided to take a stand against these unreasonable tasks, demonstrating its unwavering commitment to safeguarding the interests of its stakeholders," explained a source close to the legal proceedings on the condition of anonymity. "This litigation is specific to BYJU'S Alpha, which is a non-operative US entity of BYJU'S with no employees. No Indian entity is a party to these proceedings," the source clarified. BYJU'S maintains that it has consistently met all its financial and fiduciary obligations. As evidence of its financial strength, BYJU'S recently concluded a successful funding round, securing a remarkable $250 million. The company is reportedly on the verge of closing an even larger funding round in the coming weeks, further solidifying its financial position. Recognising the importance of maintaining financial prudence and protecting the long-term interests of the company, BYJU'S recently offered to pay a much higher interest rate along with a partial payment of the principal. These concessions demonstrated the company's willingness to find a middle ground and maintain a constructive relationship with its lenders. However, the lenders remained unmoved, proceeding with litigation against BYJU'S Alpha. The litigants have also made a bewildering claim suggesting that BYJU'S "moved" $500 million from BYJU'S Alpha, alleging a breach of the existing arrangement. BYJU'S has vehemently denied this "baseless" allegation, emphatically stating that it has meticulously adhered to the terms of its contractual obligations, in complete compliance with the agreed-upon rights and responsibilities outlined in the contract. It is crucial to underscore that BYJU'S entered into the TLB agreement in 2021 with a clear and mutually-agreed upon objective of utilising the capital raised for driving growth and expansion in its global operations. The very essence of BYJU'S commitment to the lenders was to deploy the funds to fuel the advancement of its business objectives. The decision to file a case against a non-operative entity suggests a calculated move by the lenders, aiming to exert pressure on BYJU'S and potentially force them to capitulate to their demands. Industry observers view it as an attempt to intimidate BYJU'S and bring them back to the negotiating table on unfavourable terms. Flush with funds, BYJU'S is unlikely to accede to such tactics and remains steadfast in its commitment to pursuing fair negotiations that align with its long-term strategic goals. The event serves as a stark reminder of the potential pitfalls faced by Indian companies raising capital in the US and underscores the need for transparent and fair lending practices. The ability of the EdTech giant to emerge stronger in this renegotiation with its lenders will undoubtedly have a profound impact on the global growth trajectory of India's EdTech industry. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/battlegrounds-mobile-india-to-return-soon-company-receives-permission-from-government/articleshow/100346259.cms">Battlegrounds Mobile India is relaunching soon, but government says final call only after a 3-month trial</a> <a href="https://www.businessinsider.in/tech/mobile/news/redmi-a2-and-a2-plus-with-android-13-go-edition-launched-starting-at-6299/slidelist/100352302.cms">Budget friendly Redmi A2 and A2 Plus with Android 13 (Go) launched at ₹6,299</a> <a href="https://www.businessinsider.in/sports/news/virat-kohli-and-these-players-have-more-than-three-ipl-centuries/slidelist/100348738.cms">Virat Kohli and these players have more than three IPL centuries</a>

BYJU'S challenges lenders' unrealistic terms amid contract renegotiations

<keyword id="1464841" type="General" weightage="50" keywordseo="edtech" source="Orion">Edtech</keyword> major <keyword id="2900267" type="General" weightage="80" keywordseo="byju" source="Orion">BYJU</keyword>'s is planning to wind up the coding platform <keyword id="8080458" type="General" weightage="100" keywordseo="whitehat-jr" source="Orion">WhiteHat Jr</keyword>, which it acquired for $300 million, as part of restructuring and cut costs. WhiteHat Jr, which at its peak had more than 8,000 employees across the country, now has some hundreds of roles left as it never picked up the pace and brought revenues for the company, informed sources told IANS on Thursday. According to people close to the development, the discussions at the top level at BYJU's have happened to get rid of the WhiteHat Jr brand which has faced severe criticism in the past. BYJU's, however, told IANS that they have no plans of shutting it down. "We are merely optimising it for organic and efficient growth. We remain fully committed to delivering world-class educational experiences and solutions that empower students to achieve their full potential," the company spokesperson said. The company said that it is constantly evaluating and optimising its business operations towards global growth. "As an ongoing activity, we are actively evaluating all our business units to ensure that they are aligned with our path to profitability," BYJU's told IANS. TechCrunch was first to report on the development. BYJU's acquired WhiteHat Jr in July 2020 for nearly $300 million. It reported a massive Rs 1,690 crore loss in the financial year 2021, while its expenses reached Rs 2,175 crore in FY21 -- compared to Rs 69.7 crore in FY20. In the April-May period last year, over 1,000 of its employees, including teachers which are on contractual basis, and hence not full-time employees, resigned. Later, more WhiteHat Jr employees either moved on their own or were asked to go. WhiteHat Jr shut its schools division that targeted to take its flagship coding curriculum to 10 lakh school students by the next academic year. Its foray into teaching music online, offering guitar and piano playing, yielded no fruitful results. According to sources, BYJU's which was last valued at $22 billion, will not be able to meet its March 2023 deadline to achieve group-level profitability, as it envisioned in its earnings in October last year. The company, which has sacked thousands of employees to date and has taken deeper cuts, is still unable to achieve profitability at group level amid mounting losses. The edtech unicorn reported a loss of Rs 4,588 crore for the fiscal year that ended on March 31, 2021. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/thelife/news/ghosting-is-immature-believe-millennials-says-a-study-by-quackquack/articleshow/98172016.cms">Ghosting is immature believe millennials says a study by QuackQuack</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/entertainment/news/backstreet-boys-are-performing-in-india-after-13-years-here-are-the-tour-details/articleshow/98172144.cms">Backstreet's back, alright! The 90s boy band to perform in India after 13 years</a>

BYJU's likely to shut down beleaguered coding platform WhiteHat Jr

Amid the brouhaha over alleged forced termination at edtech major <keyword id="2900267" type="General" weightage="100" keywordseo="byju" source="Orion">BYJU</keyword>'s, its founder and CEO Byju <keyword id="299516" type="General" weightage="80" keywordseo="raveendran" source="Orion">Raveendran</keyword> on Monday told employees that there is a huge price to pay for walking on the path to profitability and the company will part ways with 5 per cent or 2,500 employees to "avoid role duplication across our businesses". In a letter to employees seen by IANS, Raveendran said that bringing those who are parting ways "back by putting our company on a sustainable growth path will now be the number 1 priority for me". "I want to emphasise that the overall job cuts are not more than five per cent of our total strength," he said. Raveendran wrote that while nothing can really compensate for their loss, "we have made available the best possible exit package to you which includes extended medical insurance coverage for you and your family members, outplacement services led by some of the industry's finest recruitment specialists, fast-track full-and-final settlement, and a special provision to allow you to look for jobs while on our payroll". BYJU's recently announced to a reduction of 5 per cent of its 50,000-strong workforce (about 2,500 people), which will be "rationalised across product, content, media, and technology teams in a phased manner" in a bid to consolidate its India business. The Karnataka State IT/ITeS Employees Union (KITU) last week claimed that BYJU's, after <keyword id="6357416" type="General" weightage="50" keywordseo="thiruvananthapuram" source="Orion">Thiruvananthapuram</keyword> in Kerala, was forcing employees at its Bengaluru headquarters to resign. Raveendran said that some business decisions have to be taken to protect the health of the larger organisation, and pay heed to the constraints imposed by external macroeconomic conditions. "Over the past couple of weeks, you would have read or heard about our plans to rationalise our team size. Some of you, I understand, might be confused about this or maybe hearing conflicting statements," he said. He said that adverse macroeconomic factors have changed the business landscape, compelling tech companies around the world to focus on sustainability and capital-efficient growth. "BYJU'S is no exception to this trend. Our rapid organic and inorganic growth has created some inefficiencies, redundancies and duplication within our organisation, that we need to rationalise to realise this. At the same time, we need to continue to realign our resources towards innovation and future-growth oriented projects," said Raveendran. Around 140 employees from the 170-strong workforce at Technopark have been asked to leave. BYJU's has nearly 3,000 employees in Kerala. In an earlier statement, the company said it is "absolutely false" that BYJU's is forcing employees to resign. Raveendran said that "I am truly sorry to those who will have to leave BYJU's". "You are not just a name to me. You are not a number. You are not just five per cent of my company. You are five per cent of me," he told employees in the letter. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/curated-menus-butler-services-expansive-lounges-at-mumbai-airports-renovated-private-jet-terminal/articleshow/95202285.cms">Curated menus, butler services, expansive lounges at Mumbai airport's renovated private jet terminal</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/over-2-lakh-jobs-created-each-day-this-festive-season-says-report/articleshow/95204035.cms">Over 2 lakh jobs created each day this festive season, says report</a>

Overall job cuts no more than 5% to avoid role duplication: Byju Raveendran

<keyword id="1464841" type="General" weightage="20" keywordseo="Edtech" source="Orion">Edtech</keyword> firm <keyword id="6384897" type="General" weightage="20" keywordseo="BYJUs" source="Orion">BYJU's</keyword> will not be able to meet its March 2023 deadline to achieve group-level <keyword id="6515078" type="General" weightage="20" keywordseo="profitability" source="Orion">profitability</keyword>, as it envisioned in its earnings in October last year, reliable sources said on Monday. On top of it, its results for most of the months for the current fiscal year are delayed again. Sources told IANS that the company, which has sacked thousands of employees to date and has taken deeper cuts, is still unable to achieve profitability at group level amid mounting losses. In October after firing 2,500 employees and consolidating its business in the country, Mrinal Mohit, CEO, BYJU'S India business, had said that "these measures will help us achieve profitability in the defined time frame of March 2023". At a group level, BYJU's had said its top priority is to achieve "overall profitability by March 2023". However, this appears impossible now with the company still struggling to stem growing losses. Last week, the edtech major laid off another 15 per cent of its employees, or more than 1,000 people, mainly from its engineering teams, as the company continues phased layoffs to remain growth-oriented in a global economic meltdown. Between April-July 2022, the company logged a revenue of Rs 4,530 crore. Post that, there has been no communication from the company about the pending results. The edtech unicorn reported a loss of Rs 4,588 crore for the fiscal year that ended on March 31, 2021. BYJU's had claimed it clocked gross revenues of nearly Rs 10,000 crore in FY22. Meanwhile, according to sources, BYJU's acquisition of Delhi-based offline test preparatory services provider Aakash for nearly $1 billion is still incomplete and Aakash Chaudhry, Co-Promoter and Managing Director of Aakash Educational Services Limited (AESL), has resigned from the board. When reached, Aakash declined to comment. New reports emerged in December that BYJU's, which may have seen a definite erosion in its last market value at $22 billion, hasn't paid several of its vendors for months. According to Morning Context, "some of the payments are due since March and there is trouble with their clearance. In the eight months to October 2022, cumulative dues to vendors have crossed Rs 90 crore". When reached, BYJU's had not offered a comment on this report. In seemingly fresh trouble for BYJU's, some lenders had asked the edtech unicorn to repay part of a $1.2 billion <keyword id="6360217" type="General" weightage="20" keywordseo="loan" source="Orion">loan</keyword> they recently bought into as they renegotiate terms of the debt. The demand from <keyword id="88431" type="General" weightage="20" keywordseo="creditors" source="Orion">creditors</keyword> comes at a time when BYJU's was in the process to restructure the loan. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/bike-bazaar-raises-10-million-in-series-d-funding-round-from-german-investment-firm-deg/articleshow/97647515.cms">Bike Bazaar raises $10 million in series D funding round from German investment firm DEG</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/adani-transmission-reports-78-rise-in-q3-net-profit-to-475-crore-on-one-time-income/articleshow/97650165.cms">Adani Transmission reports 78% rise in Q3 net profit to ₹475 crore on one-time income</a>

BYJU's to miss March 2023 deadline for group level profitability, results delayed again

While all eyes are on <keyword id="2900267" type="General" weightage="80" keywordseo="byju" source="Orion">BYJU</keyword>'s much-awaited FY21 financial results that were set to be revealed on Wednesday, the edtech major has registered nearly Rs 9,991 crore in revenues in its FY22 financial results and its core K12 education business is growing very fast, top sources have revealed. In six months from February 2022 till July 2022, the company logged Rs 6,175 crore revenue, breaking all previous sales records, three people close to the matter told IANS. This is a substantial gain from its FY20 financial report, when the company registered revenue of Rs 2,434 crore with a net profit of Rs 51 crore. BYJU's investors were ecstatic at the company's growth in the core business in the recently-concluded meeting, sources told IANS, as the company logged 50 per cent growth (year-on-year) in its core K12 India business at Rs 1,205 crore, leaving no competition anywhere near it. After getting acquired by BYJU's for $1 billion last year, <keyword id="3406091" type="General" weightage="50" keywordseo="aakash-educational-services" source="Orion">Aakash Educational Services</keyword> (AESL) has transformed into a hybrid edtech firm, expanding rapidly across the country, which is one of the key reasons behind BYJU's FY22 success. Meanwhile, after nearly 18 months delay of "ironing out the complexities", edtech major BYJU's was all set to reveal its financial report for FY21. The company had received an 'unqualified' report from auditor <keyword id="6358918" type="General" weightage="50" keywordseo="deloitte" source="Orion">Deloitte</keyword> late last month. According to sources, there may be a substantial difference between the projected sales and the audited revenue in BYJU's FY21 financial results. Last valued at $22 billion, BYJU's has so far raised over $6 billion in funding, and aims to file an IPO in the US through the <keyword id="6767232" type="General" weightage="50" keywordseo="special-purpose-acquisition-company" source="Orion">Special Purpose Acquisition Company</keyword> (<keyword id="1817616" type="General" weightage="50" keywordseo="spac" source="Orion">SPAC</keyword>) route. The company is likely to raise over $500 million (nearly Rs 3,900 crore) at a valuation of around $23 billion soon. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/amazon-moves-delhi-hc-against-1-lakh-ccpa-penalty-in-pressure-cooker-case/articleshow/94190091.cms">Amazon moves Delhi HC against ₹1 lakh CCPA penalty in pressure cooker case</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/jaiprakash-power-ventures-avassa-ferro-alloys-among-successful-bidders-for-commercial-coal-blocks/articleshow/94190360.cms">Jaiprakash Power Ventures, Avassa Ferro Alloys among successful bidders for commercial coal blocks</a>

BYJU's logs nearly  ₹10K crore revenue in FY22, tops estimates

Edtech platform <keyword id="2900267" type="General" weightage="80" keywordseo="byju" source="Orion">BYJU</keyword>'s on Thursday announced that it has roped in two former <keyword id="18635" type="General" weightage="80" keywordseo="amazon" source="Orion">Amazon</keyword> executives -- <keyword id="6395761" type="General" weightage="50" keywordseo="sunil-sharma" source="Orion">Sunil Sharma</keyword> and Darshan <keyword id="238878" type="General" weightage="80" keywordseo="bhandari" source="Orion">Bhandari</keyword> -- to further enhance its learning products and solutions. <keyword id="445" type="General" weightage="80" keywordseo="sharma" source="Orion">Sharma</keyword> has been appointed as Vice President, Engineering - Student and Teacher Experience and Bhandari as Vice-President, Engineering - BYJU's Tuition Centre and Devices. "I am delighted to welcome <keyword id="6093" type="General" weightage="80" keywordseo="sunil" source="Orion">Sunil</keyword> and Darshan as we continue to strengthen our tech foundation," Anil Goel, President - Technology, BYJU's, said in a statement. "While Sunil's expertise across technology, strategy, and execution will bolster BYJU's ongoing initiatives to optimally leverage technological solutions and improve the student experience, Darshan will play a key role in enhancing tech-led growth, providing support for improved front-end and back-end processes and helping us achieve our overarching digital and technology goals," he added. With a career spanning over 21 years, Sharma brings with him a proven track record of scaling technology teams across companies such as Amazon, Hewlett Packard, and AGT International. Meanwhile, Bhandari is a seasoned engineering leader and growth specialist with over 18 years of experience in technology innovation, building top talent and delivering world-class products across companies such as Amazon, <keyword id="1543410" type="General" weightage="50" keywordseo="reliance-jio-infocomm" source="Orion">Reliance Jio Infocomm</keyword>, and Amdocs. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/lg-electronics-estimates-q2-operating-earnings-fall-by-12-on-weaker-demand/articleshow/92721180.cms">LG Electronics Q2 operating earnings fall by 12% on weaker demand</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/id-fresh-offers-stock-options-to-another-27-employees-aims-to-create-100-crorepatis-in-the-next-three-years/articleshow/92722488.cms">ID Fresh offers stock options to another 27 employees, aims to create 100 crorepatis in the next three years</a>

Edtech platform BYJU's brings in two ex-Amazon executives to enhance learning products and solutions

<keyword id="3368988" type="General" weightage="80" keywordseo="itw" source="Orion">ITW</keyword> Sports Inc, a US-based sports consulting firm focused on delivering end-to-end growth strategies for brands through the impactful platforms of sport and live entertainment, and a subsidiary of ITW Universe, was today named the official Global Activation Partner by Ed-tech giant BYJU'S for the <keyword id="149598" type="General" weightage="50" keywordseo="icc-cricket-world-cup" source="Orion">ICC Cricket World Cup</keyword> and FIFA Football <keyword id="22177" type="General" weightage="80" keywordseo="world-cup" source="Orion">World Cup</keyword>. The announcement comes on the back of major sponsorships deals that the Bangalore-based company has signed in the recent past, including coming on board as the official sponsor of the Qatar FIFA World Cup 2022 to be held in Qatar as well as a three-year agreement between BYJU'S and the ICC which will see BYJU'S partner all ICC events till the end of 2023, including the ongoing ICC Men's T20 World Cup in Australia. ITW was instrumental in stitching together the deals with the BCCI and the ICC for BYJU'S, consulting the brand on the landmark partnerships. "ITW and BYJU'S share a long-standing relationship and we are proud of the work we have done to find the right platforms in international cricket and football for BYJU'S to achieve the global brand objectives," said Nikhil <keyword id="30343" type="General" weightage="50" keywordseo="vyas" source="Orion">Vyas</keyword>, Founding Partner, ITW Universe &amp; CEO ITW Sports Inc. USA, an agency that will focus on the top 5 sports in the United States while also consulting emerging brands with global expansion ambitions. Additionally, the agency will be committed to backing cricket in the United States, aiming to build sustainable commercial interest in the game's next market frontier. "Our expertise in sports as well as our intrinsic knowledge of our brands and the sports environment is key to our successes. We are excited about the activation around two of the world's most viewed events and confident of delivering successful campaigns for BYJU'S," added Mr Vyas. ITW's India office will be servicing the ICC T20 World Cup activation while ITW's USA office will service the FIFA World Cup activation campaign. As a global partner, BYJU'S will have extensive in-venue assets, broadcast, and digital rights across all ICC events and similar rights for the FIFA World Cup which will be viewed by a projected audience of 5 billion people across the world. Through its partnership, BYJU'S will be leveraging those rights to run unique promotions and activations to connect with passionate football and cricket fans worldwide. "Our sponsorship deals in International Cricket and Football have given us great visibility and have helped position BYJU'S become a household name in India. We plan to scale it up and reach the world's largest sports fan base with the Qatar FIFA World Cup. ITW Sports has been our sponsorship agency partner since the start of the brand journey and has helped facilitate and execute most of our sports partnerships, we are confident that they will continue to deliver the ambitious brand objectives set out for the upcoming cricket and football world cups," Atit Mehta, Head of Marketing, BYJU'S. The T20 World Cup which began on October 22 in Australia is currently underway, while the FIFA World Cup kicks off in November and it is the first time that an Indian Brand is associated with the event in the capacity of an Official Sponsor. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/are-millennials-and-gen-z-influencing-future-trends-of-indian-hospitality/articleshow/95277333.cms">Are millennials and Gen Z influencing future trends of Indian Hospitality?</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/hdfc-reports-18-year-on-year-rise-in-q2-net-profit-to-4454-crore/articleshow/95279744.cms">HDFC reports 18% year-on-year rise in Q2 net profit to ₹4,454 crore</a>

BYJU'S appoints ITW Sports Inc USA as its Global Activation Partner for the ICC Cricket and Qatar FIFA Football World Cup 2022

Edtech major BYJU'S on Wednesday announced several measures to bolster its <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword> business, saying that its K-10 business, which includes Toppr, <keyword id="1573710" type="General" weightage="50" keywordseo="meritnation" source="Orion">Meritnation</keyword>, <keyword id="192259" type="General" weightage="50" keywordseo="tutorvista" source="Orion">TutorVista</keyword>, <keyword id="14957" type="General" weightage="50" keywordseo="scholar" source="Orion">Scholar</keyword>, and HashLearn platforms, will now be consolidated as one business unit. To avoid redundancies and duplication of roles, the move will result in five per cent of its 50,000-strong workforce (about 2,500 people) being "rationalised across product, content, media, and technology teams in a phased manner", the company said in a statement. Aakash Educational Services and Great Learning will continue to function as separate organisations, the company said in a statement. "As a mature organisation that takes its responsibility towards investors and stakeholders seriously, we aim to ensure sustainable growth alongside strong revenue growth. These measures will help us achieve profitability in the defined time frame of March 2023," said Mrinal Mohit, CEO, BYJU'S India business. At a group level, BYJU'S said its top priority is to achieve "overall profitability by March 2023". Over the last three years, BYJU'S acquired multiple companies whose integration with its core business is now complete. BYJU'S said at the group level, it will continue to hire across all levels and will end this financial year as a net hirer. The company plans to hire a total of 10,000 more teachers in the coming year, adding to its current strength of 20,000 teachers. It said it is expanding its teams along with hiring senior leadership to further build operational strength. The company said there will also be re-targeting of the marketing budget towards more efficient growth. "Since significant brand awareness has been created in India over the past few years, there is a scope to optimise marketing budgets locally and prioritise spending to increase brand awareness in overseas markets," the company said. BYJU'S said it is also reinventing its sales model to focus more on inside sales, using video calling platforms which in turn will enhance customer experience and reduce operational costs. Multiple inside sales hubs will now be created across India from where BYJU'S sales associates will reach out to incoming leads through calls, email, and <keyword id="10296" type="General" weightage="50" keywordseo="zoom" source="Orion">Zoom</keyword> meetings. Inside sales will lead to higher customer satisfaction and lower costs. "None of these measures will have any impact on our revenue run rate," said Mohit. After six stressful and tough months, the company's Co-founder Byju Raveendran recently said that "the worst is finally over" and there is only "growth ahead" as seen in the company's FY22 financial results, where it logged Rs 10,000 crore in gross revenues. BYJU's last month paid the remaining dues of nearly Rs 1,983 crore (over $245 million) to global VC firm Blackstone in the $1 billion acquisition of Aakash. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/hcl-techs-net-profit-rises-6-3-sequentially-increases-fy23-revenue-guidance/articleshow/94813269.cms">HCL Tech’s net profit rises 6.3% sequentially, increases FY23 revenue guidance</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/intel-plans-major-layoffs-this-month-as-pc-sales-nosedive-report/articleshow/94813156.cms">Intel plans major layoffs this month as PC sales nosedive: Report</a>

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