BYJU's consolidates India business, 5% workforce to be 'rationalised' across teams
Oct 12, 2022, 17:41 IST
Edtech major BYJU'S on Wednesday announced several measures to bolster its India business, saying that its K-10 business, which includes Toppr, Meritnation, TutorVista, Scholar, 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.
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 Zoom 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.
SEE ALSO:
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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".
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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.
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"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 Zoom 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.
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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:
HCL Tech’s net profit rises 6.3% sequentially, increases FY23 revenue guidance
Intel plans major layoffs this month as PC sales nosedive: Report