In September 2023, Byju’s conducted restructuring to reduce costs and ensure better cash flow, which impacted 3,000-3,500 jobs. A year before in October, the company announced trimming of 2,500 job roles or 5% of its 50,000 workforce, saying it aims to achieve profitability by March 2023.

In terms of financials, the company’s revenue surged 2.3 times in FY22, while its EBITDA (earnings before interest, taxes, depreciation, and amortisation-based) loss of the core business declined to ₹2,253 crore in FY22. In FY21, Byju’s loss on a standalone basis, which includes its K-12 vertical, stood at ₹2,702.14 crore compared to a net profit of ₹7.39 crore during FY20.

Notably, Byju’s, once valued at $22 billion, had gone on an acquisition spree over the past few years, investing about ₹9,000 crore over the years as part of its growth strategy. The edtech firm spent $2.5 billion on acquisitions that included Aakash Educational Services, U.S.-based Epic, kids’ coding platform Tynker, professional education firm Great Learning and exam prep platform Toppr.