2500 employees will be let go by Byju’s during the next six months.

On October 12, Byju’s revealed their plans to become profitable by March 2023. The Tiger Global-backed edtech firm reported a deficit of 4,588 crore rupees for the 2021 fiscal year in September as a result of escalating labour and promotion expenditures.

“To avoid redundancies and duplication of roles, and by leveraging technology better, around five percent of BYJU’S 50,000-strong workforce is expected to be rationalised across product, content, media, and technology teams in a phased manner,” according to the statement.

Byju’s has created a strategy to lower its operations and marketing expenses in order to become profitable by March 2023.

In addition to hiring 10,000 teachers for its Indian and foreign operations, the company will start focusing on building brand awareness abroad through new partnerships.

According to Byju’s, the losses increased in FY21 mostly as a result of the loss of WhiteHat Jr. and the deferral of certain revenue.