Edtech major BYJU’S on Wednesday announced a slew of measures to grow its India business, saying its K-10 businesses, which include Toppr, Meritnation, TutorVista, Scholar and HashLearn platforms, will now be merged as a single business entity. will be consolidated. The company said that to avoid redundancies and duplication of roles, the move would result in five per cent of its 50,000-strong workforce (about 2,500 people) being “rationalised in a phased manner across product, content, media and technology teams”. . in 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 towards investors and stakeholders seriously, we aim to ensure sustainable growth along with strong revenue growth. These measures will help us achieve profitability in the stipulated time frame of March 2023,” said Mrinal Mohit, CEO, India Business, Byju’s.
At the group level, BYJU’S stated that its top priority is to achieve “overall profitability by March 2023.” Over the past three years, BYJU’S has acquired several companies whose integration with its core business is now complete. BYJU’S said that at the group level, it will continue to operate at all levels and end this fiscal year as a net tenant.
The company plans to hire a total of 10,000 more teachers in the coming year, taking the number of teachers to 20,000 at present. It said it is expanding its teams as well as hiring senior leadership to further strengthen operational power.
The company said there will also be a re-targeting of the marketing budget towards more efficient growth.
“As significant brand awareness has been created in India over the past few years, there is scope to optimize marketing budgets locally and prioritize spending to increase brand awareness in overseas markets,” the company said. BYJU’S said it is revamping its sales model to focus more on internal sales using the video calling platform, which in turn will enhance the customer experience and reduce operating costs.
Multiple Inside Sales Hubs will now be set up across India from where BYJU Sales Associates will reach out to incoming leads through calls, emails and Zoom meetings. Internal sales will lead to higher customer satisfaction and lower costs.
Mohit said, “None of these measures will have any impact on our revenue run rate. After six tense and difficult months, the company’s co-founder Byju Raveendran recently said that “the worst is over” and there is only “further growth” as seen in the company’s FY22 financial results. where it has logged Rs 10,000 crore in gross revenue. ,
BYJU last month paid the remaining dues of around Rs 1,983 crore (over $245 million) to global VC firm Blackstone in its $1 billion acquisition of Aakash.
(IANS)
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