India’s EdTech unicorn BYJU’s has laidoff 15% Employees From Engineering Teams in another round of layoffs and fires over 1,000 employees. In this laid-off, all freshers were asked to leave the company. In the previous layoff round, 30 per cent of the engineering team was fired. This time additional 15 per cent have been terminated.”
The company’s founder Byju Raveendran justified the layoffs saying it was a critical step for the company to become profitable.
As per financial statements of FY21, the edtech major reported a loss of Rs 4,589 crore, the largest-ever reported by an Indian startup. The company’s revenues had fallen 3.3 per cent. Interestingly, the FY21 financials of the company were delayed by almost 18 months, much to the annoyance of the Corporate Affairs Ministry.
BYJU’s spent more than Rs 2,500 crore on advertising and marketing in FY21. The company spent $40 million (Rs 330 crore) to become the official sponsor of the FIFA World Cup.
