BYJU’s had reported a loss of Rs 4,588 crore for the financial year 2021.
New Delhi:
According to a top company official, edtech major BYJU is expected to register a three-fold growth in revenue and losses in FY22.
BYJU’s founder and chief executive officer (CEO) Byju Raveendran on Friday defended roping in football star Lionel Messi as its global ambassador amid job cuts at the company, saying the decision was taken six months ago at a startup event. was taken.
Addressing a gathering of entrepreneurs and investors at Tech Sparks 2022, Byju Raveendran said that with over 150 million learners, the company is on the path of profitability as it expects to grow revenue by 3 times and halve losses in the financial year. hopefully.” 22,” according to an excerpt from the program shared by BYJU with PTI.
BYJU’s had booked a loss of Rs 4,588 crore and revenue of Rs 2,428 crore for the financial year ended March 31, 2021.
BYJU co-founder Divya Gokulnath had announced laying off around 2,500 people from the company as it eyes a path to profitability by March 2023 and hiring 10,000 more teachers in the coming year, taking its current strength of 20,000 teachers increases.
Byju Raveendran said India deserves over 75,000 startups and sees a potential of one million entrepreneurs in the country.
He further said that if only 100 people are employed in each of these million startups, there will be 100 million new jobs in India.
“When pressured by the current environment around the company, Byju’s stated that 261 of the company’s 300 founding employees are still with the company and remain committed to BYJU’S mission.
“He further added that four out of five integrations, aka acquisitions, have been done smoothly and are doing well. Aakash has grown threefold since the integration with BYJU’S,” the company’s note said. Has gone.”
On appointing Lionel Messi as its global brand ambassador, he said the announcement came with just layoffs and the decision was taken six months back.
“It is foolish to even think that one can appoint Lionel Messi in 5-7 days. The decision to bring Lionel Messi on board was taken 6 months ago and the announcement could not have been delayed due to the World Cup window and rules ..
“Lionel Messi will not be allowed to announce any brand during the World Cup. It is just a coincidence that news, rationalization and Messi’s onboarding happened simultaneously,” he added.
(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)
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