Indian edtech giant Byju is cutting 5% of its workforce, or about 2,500 positions, in various departments and is cutting its marketing budget. Earlier, In May this year, Byju was announced as the official sponsor of the FIFA World Cup Qatar 2022.
BYJU fired 2500 employees
Byju co-founder Divya Gokulnath told PTI that the company will start to focus on building brand awareness abroad through new partnerships and recruit 10,000 teachers for India and overseas business.
"We have mapped out a path to profitability which we plan to achieve by March 2023. We have built significant brand awareness across India and there is scope to optimize the marketing budget and prioritize spending in a way that creates a global footprint. The second is operational cost and the third is the integration of multiple business units," Gokulnath said.
She said that the K10 subsidiaries - Meritnation, TutorVista, Scholar and HashLearn - will now be consolidated as a business unit under the India business.
"This (the new plan) will help us enhance efficiency, and avoid redundancy. So there will be rationalisation of roles as well. Our hybrid teaching model which is tuition centre and our online teaching model which is Byju's Classes or our learning app is scaling very well. Especially for our first two products, we plan to hire 10,000 teachers. Our revenues will be on track as per what we are doing," Gokulnath said.
"Around half of the new hiring will take place in India in the next six months. We will hire in the English and Spanish speaking market. Teachers will be from the US and India. We are also looking at expanding to Latin America," Gokulnath said.
sponsor of FIFA 2022
In May this year, Byju has been announced as an official sponsor of the FIFA World Cup Qatar 2022. Through this partnership, Bangalore-based Byju's will leverage its rights to the World Cup brands, emblem and assets. FIFA 2022, and will run unique promotions to connect with passionate soccer fans around the world. You will also create engaging and creative content with educational messages as part of a multifaceted activation plan.
“FIFA is dedicated to harnessing the power of football towards the goal of achieving positive social change. We are delighted to be partnering with a company like Byju's, which is also engaging communities and empowering young people everywhere in the world,” said Kay Madati, FIFA Chief Commercial Officer.
“We look forward to supporting Byju in promoting educational learning opportunities as well as joining the global rhythm of excitement for the 2022 FIFA World Cup through their association with this innovative tournament.”
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