Thursday, September 21, 2023

BYJU’s Consolidates Indian Operations, 5% Workforce To Be ‘Rationalized’ Into Teams

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Edtech Major BYJU’S announced several measures on Wednesday to protect his India company, and says his K-10 company, which includes Toppr, merit, TutorVista, scholarand HashLearn platforms, are now consolidated as a single business unit.

To avoid layoffs and duplication of roles, the move will see five percent of its 50,000-strong workforce (about 2,500 people) “phase-rationalized across product, content, media and technology teams,” the company said in a statement. . a statement.

Aakash Educational Services and Great Learning will continue to operate as separate organizations, the company said in a statement.

“As a mature organization that takes its responsibility to investors and stakeholders seriously, we are committed to sustainable growth alongside strong revenue growth. These measures will help us become profitable in the set time frame of March 2023,” said Mrinal Mohit, CEO of BYJU’S Indian Affairs .

At the group level, BYJU’S said its top priority is to achieve “overall profitability by March 2023.”

In the past three years, BYJU’S has acquired several companies whose integration with its core businesses is now complete.

At the group level, BYJU’S said it will continue to hire people at all levels and will end this fiscal year as a net tenant.

The company plans to hire a total of 10,000 additional teachers over the next year, adding to its current strength of 20,000.

It said it is expanding its teams and hiring senior leadership to further build operational strength.

The company said its marketing budget will also be refocused on more efficient growth.

“As significant brand awareness has developed in India in recent years, there is scope to optimize marketing budgets locally and prioritize spending to increase brand awareness in overseas markets,” the company said.

BYJU’S also said it is reinventing its sales model to focus more on internal sales, using video calling platforms which in turn will improve the customer experience and reduce operational costs.

Multiple internal sales hubs will now be created across India from which BYJU’s sales associates will contact incoming leads via phone 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,” Mohit said.

After six stressful and difficult months, the company’s co-founder, Byju Raveendran, recently said that “the worst is finally over” and that there is only “growth ahead”, as reflected in the company’s financial results. for fiscal year 22 where it has registered Rs 10,000 crore in gross revenue. .

BYJU last month paid the remaining dues of nearly Rs 1,983 crore (over $245 million) to global VC firm Blackstone in its $1 billion acquisition of Aakash.

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