Founder and CEO of edtech startup BYJU’S, Byju Raveendran, called 2022 the defining year for the company as it battled accusations of mis-selling, deferred payments, funding commitments that did not come through, and employee lay-offs. In an internal email to his employees, the CEO said, “After many rocking years, we needed a rocky year to pave the way for our long-term success and resilience. I have always maintained that we are pioneers in execution, not in perfection.”
In the email, he said the company had shifted its sales model to inside sales and was targeting profitability at a group level in 2023. The email mentioned that the company will continue to invest in its hybrid model through BYJU’s Tuition Centres (BTCs), which was launched in early 2022. The startup plans to add over 250 BTCs in 2023, to the existing network of 300-plus Aakash BYJU’s.
The email said, “Taken together with our apps that have massive digital distribution, we are not just among the largest but also among the most diversified edtech companies in the world. Some might say we are the first to achieve the elusive edtech triad.”