BYJU’S is on a path to profitability; Targets to achieve it by March 2023
- By optimising the India business, all K-10 subsidiaries to come under the India business unit. Aakash and Great Learning to function separately
- Overhauling of the sales process to make it more customer-friendly and cost- effective
- Realigning marketing spends to enhance global footprint
National, Oct 12, 2022: Taking a bold step forward in its commitment to achieving overall profitability, BYJU’S, the world’s leading EdTech company, today announced a slew of optimisation measures for its India business.
“As a mature organisation that takes its responsibility towards investors and stakeholders seriously, we aim to ensure sustainable growth alongside strong revenue growth. These measures will help us achieve profitability in the defined time frame of March 2023” Mrinal Mohit, CEO, BYJU’S India business, said.
Over the last three years, BYJU’S has acquired multiple companies whose integration with its core business is now complete. BYJU’S India K-10 business, which includes Toppr, Meritnation, TutorVista, Scholar, and HashLearn, will now be consolidated as one business unit, other than Aakash and Great Learning which will continue to function as separate organisations. To avoid redundancies and duplication of roles, and by leveraging technology better, around five percent of BYJU’S 50,000-strong workforce is expected to be rationalised across product, content, media, and technology teams in a phased manner.
At a group level, BYJU’S will continue to hire across all levels and will end this financial year as a net hirer. BYJU’S plans to hire a total of 10,000 more teachers in the coming year, adding to its current strength of 20,000 teachers. To fuel its growth, the company is expanding its teams along with hiring senior leadership to further build operational strength.
There will also be retargeting of the marketing budget towards more efficient growth. Since significant brand awareness has been created in India over the past few years, there is a scope to optimise marketing budgets locally and prioritise spending to increase brand awareness in overseas markets.
BYJU’S is also reinventing its sales model to focus more on inside sales, using video calling platforms which in turn will enhance customer experience and reduce operational costs. Multiple inside sales hubs will now be created across India from where BYJU’S sales associates will reach out to incoming leads through calls, email, and Zoom meetings. Inside sales will lead to higher customer satisfaction and lower costs.
These moves are expected to result in sizable savings with no impact on growth. Added Mohit, “ None of these measures will have any impact on our revenue run rate”.
At a group level, BYJU’S top priority is to achieve overall profitability by March 2023. These steps are also meant to prepare the path towards a stellar listing eventually as the world’s largest EdTech company that has turned profitable, eventually.
As the world’s leading edtech company, BYJU’S has been at the forefront of changing learning needs. Recognising tutoring and live classes as the need of the hour, BYJU’S launched its hybrid learning offering BYJU’S Tuition Centre which brings the best of online and offline learning to students. Today, there are 200+ active centres across India and the company aims to scale it up to 500 centres by the end of this year. In FY22, BYJU’S registered accelerated growth, clocking gross revenues of nearly Rs. 10,000 crores. The K-12 business has grown more than 150% in FY 22 and group companies AESL and Great Learning have doubled their revenues since acquisition. Along with the revenue growth and significant momentum, BYJU’S continues to enjoy an industry-best NPS of 70 and has an annual retention renewal rate of 80%. BYJU’S has 150+ million learners accessing its products and services in 120+ countries.
About BYJU’S:
BYJU’S is the world’s leading edtech company that offers highly adaptive, engaging, and effective learning programs for students across K-12, competitive exams, coding, and upskilling courses for professionals. With over 150 million registered learners globally, 7 million annual paid subscriptions, and a presence in 120 countries, BYJU’S has been at the forefront of creating tech-driven and immersive learning experiences for students around the world.
Since the launch of its flagship Learning App in 2015, BYJU’S has been innovating learning experiences and pioneering new approaches to education by blending world-class pedagogy with cutting edge technology. These include hybrid learning, ‘phygital’ learning, interactive and personalised approaches, and multiple learning formats.
BYJU’S portfolio of products has now expanded to meet the learning requirements across grades, levels, and geographies. These include Disney.BYJU’S Early Learn, which offers highly engaging early learning programs for the K-3 segment; BYJU’S Classes with Two Teacher Advantage – a comprehensive after-school learning solution; BYJU’S Tuition Centre – a hybrid after-school learning centre; BYJU’S Exam Prep for various entrance tests, and more. It also offers coding, maths and music programs to students in the USA, UK, Australia, Brazil, Indonesia, and Mexico.
BYJU’S is taking big strides in bringing together the best of offline and online learning experiences and setting up international innovation hubs to deliver breakthrough solutions across its ecosystem of learning products.
Taking its vision of building a community of active learners globally, BYJU’S has onboarded strong partners through strategic acquisitions of Osmo, EPiC, Tynker, White Hat Jr, Aakash, Great Learning, Gradeup, and GeoGebra.
