Byju’s plans to open more tuition centres to achieve profitability

• ByStartupStory     |    January 2, 2023

Byju’s, an edtech unicorn, will open more physical tuition centres and is “working very hard” to achieve profitability by 2023, according to co-founder and CEO Byju Ravindran in a year-end note to employees.

While he did not set a specific date for profitability, he had hinted at a March deadline in October.

The Tiger Global-backed firm’s losses increased to 4,589 crore in FY21, up from 232 crore the previous year. The edtech behemoth has yet to file its FY22 financial results with the Registrar of Companies.

“Macroeconomic changes of 2022 meant we had to embark on the path to profitability this year itself,” said Ravindran.

“The prevailing macroeconomic conditions and the integration of our acquired companies made it (layoffs) inevitable. We shifted our model towards inside sales, which is a result of Byju’s strong brand visibility and deep customer trust,” he said.  The edtech unicorn, has opened over 300 physical centres in 2022 alone.

Follow Startup Story