Byju's may layoff about 3,000-3,500 workforce this month, targets to be profitable by March 2024
PTI citing sources. The firm has undertaken an exercise to reduce the workforce by about 3,000-3,500 in October by ending duplication in roles across the organization. "Think and Learn Private Ltd (TLPL) restructuring will see the current operations spread across several business units streamlined into four core areas of K-12, test prep, online, and hybrid.
The business restructuring, aimed at matching resources with cash flows, will see the company achieve break-even by coming March, in the fourth quarter of the current fiscal," a source said. ALSO READ: Byju's to declare FY22 results in second week of October Earlier, BYJU'S had set the target to become profitable by March 2023. BYJU'S booked a loss of ₹4,588 crore for the fiscal year ended March 31, 2021, 19 times more than the preceding fiscal.
As per details, the firm's losses in the 2020-21 fiscal widened from ₹231.69 crore in 2019-20. Revenues during FY21 dropped to ₹2,428 crore from ₹2,511 crore in FY20. But in the fiscal ending March 31, 2022, the company announced an increase of revenue by four-fold to ₹10,000 crore.
However, it did not reveal profit or loss numbers for that year. The company has convened a meeting of shareholders in the second week of October to finalize its delayed financial results for 2021-22. "BYJU'S is in talks with investors to hive off EPIC to help settle USD 1.2 billion Term Loan B.
The company wants to dispose of it within 150 days. The proposal has gone to lenders and their response is awaited," the source said. If required, BYJU'S may hive off Great Learning too, but it expects that the money raised through EPIC sale will meet its requirement.
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