Byju's is reportedly planning to lay off up to 2,500 employees in order to cut costs

Byju’s is reportedly planning to lay off up to 2,500 employees in order to cut costs. The move comes as the education startup looks to achieve profitability by FY22.Founded in 2015, Byju’s is one of India’s most valuable startups with a valuation of over $10 billion. The company has raised over $2 billion from investors including Tencent, Tiger Global Management, and Sequoia Capital.Byju’s reported revenues of Rs 3,675 crore for the fiscal year ended March 31, 2020, up from Rs 1,480 crore in the previous fiscal year. However, the company is yet to achieve profitability and posted a net loss of Rs 990 crore for FY20.