BYJU’S, the prominent edtech company, has unveiled its plan to reach profitability by March 2024 through consolidation and organizational restructuring. As part of this effort, the organization aims to reduce its workforce by approximately 3,000 to 3,500 employees during October, with the goal of eliminating role duplications across various departments.

This restructuring, centered around Think and Learn Private Ltd (TLPL), will streamline the company’s current operations into four core areas: K-12, test prep, online, and hybrid learning. The primary objective of this business overhaul is to align resources with cash flows and position the company to break even by the end of the current fiscal year in March 2024, as confirmed by a reliable source.

Previously, BYJU’S had set a target to achieve profitability by March 2023. However, for the fiscal year ending March 31, 2021, the company reported significant losses, amounting to ₹4,588 crore, marking a substantial increase compared to the preceding fiscal year.

In the same fiscal year, revenues dropped to ₹2,428 crore from ₹2,511 crore in FY20. Notably, for the fiscal year ending March 31, 2022, BYJU’S reported a substantial increase in revenue, reaching ₹10,000 crore, although it did not disclose specific profit or loss figures for that period.

To address its financial situation, BYJU’S has called a shareholders’ meeting in the second week of October to finalize its delayed financial results for the fiscal year 2021-22. Additionally, the company is in discussions with investors to divest its EPIC subsidiary as part of efforts to settle a $1.2 billion Term Loan B.

The company aims to complete this disposal within 150 days and is awaiting feedback from lenders. If necessary, BYJU’S may also consider divesting its Great Learning unit, with the expectation that the funds generated from the EPIC sale will fulfill its financial requirements.

Apart from fundraising, the company intends to focus on restructuring and consolidating its 31 subsidiary entities to optimize management efficiency, as stated by the source. In a previous announcement, BYJU’S revealed plans to consolidate Meritnation, TutorVista, Scholar, and HashLearn.

BYJU’S remains committed to achieving profitability while navigating the challenges of the edtech landscape, aiming to strike a balance between growth and financial stability.