New Delhi. These days, many edtech startups related to online education are showing wonders, while many have also fallen flat. One such edtech unicorn startup BYJU has laid off over 1,000 employees. Overall, 15 percent of all engineering teams have been laid off, according to a media report. In October last year, 30 per cent of the workforce in the tech and engineering team was laid off. Please tell, so far there has been no response from the company. In October, the company said it had laid off 2,500 employees out of a 50,000-strong workforce, or 5 per cent of its total workforce. The company’s founder Byju Raveendran then justified the layoffs, saying it was a necessary step for the company to become profitable.
Let us tell you that in the financial statements of FY21, the company had reported a loss of Rs 4,589 crore, which is the biggest ever reported by an Indian startup. The company’s revenue fell by 3.3 percent. Interestingly, the company’s FY2011 was delayed by almost 18 months. BYJU’s spent over Rs 2,500 crore on advertising and marketing in FY21. The company had invested $40 million (Rs 330 crore) to become the official sponsor of the FIFA World Cup.
On the other hand, let us also tell you that after taking sponsorship from Oppo in 2019, the company became the main sponsor of the Indian cricket team. He paid Rs 4.61 crore per bilateral match and Rs 1.51 crore per match. He also renewed his contract with the Board of Control for Cricket in India (BCCI) for a reported $55 million (Rs 454 crore). Let me tell you, in the recent past, many other tech companies have also laid off a large number of their own, in which companies like IBM and SAP are a part.