Page 17 - Great Learning News Today

The recent business restructuring at BYJU’S would lead to the company achieving break-even by the fourth quarter of FY24

Byju's, the prominent edtech unicorn, has set its sights on achieving a significant milestone: reaching break-even by March 2024.

Edtech major Byjus, which has missed its deadline to file the FY22 financial results in September, said on Saturday that it will now release the financial statement for FY22 in October.

Byjus said on Saturday that it would in the second week of October present the audited fiscal-2022 results to its board, advisory council as well as investors Peak XV Partners and Prosus that have recently withdrawn their representatives from the edtech firms board.

In a statement, the company said it will convene a board meeting in the second week of October “for approval and adoption of accounts for FY22”.

Byjus had earlier set the target to become profitable by March 2023. Byjus booked a loss of Rs 4,588 crore for fiscal year ended March 31, 2021, 19 times more than the preceding fiscal.

In a statement, the company said it will convene a board meeting in the second week of October for approval and adoption of accounts for FY22. 

This comes after the company has decided to lower its employee count by 3,000 to 3,500 this month.

The company has undertaken exercise to reduce workforce by about 3,000-3,500 this month by ending duplication in roles across the organisation.

Edtech major BYJUS has set the target to become profitable by March 2024 on account of consolidation and restructuring of the organisation and settlement on USD 1.2 billion loan, sources aware of the development said. The company has undertaken exercise to reduce workforce by about 3,000-3,500