Education technology startup Byju's is looking to go public in the near future, according to the company's CEO, Byju Raveendran.

Share Market Live

NSE

Speaking to CNBC-TV18, Raveendran stated that Byju's is waiting for macroeconomic conditions to improve before moving forward with the parent company's initial public offering (IPO).

However, the CEO also mentioned that Byju's has six strong businesses and is exploring all options. Raveendran said that there will be an announcement in the next 2-3 months regarding the company's IPO plans and that Byju's is looking at IPOing some of the subsidiaries that are ready for it.

Some of its well-known acquisitions are Great Learning Private Limited, Epic!, Aakash Educational Services Limited, WhiteHat Junior, Osmo and TutorVista, Edurite from Pearson.

Also Read: BYJU's CEO pens down email to staff, asks forgiveness for the layoff

Raveendran expressed his bullishness on the mid to long-term growth of the company. He said Byju's is looking forward to a much better 2023, and the biggest driver toward sustainable growth is cutting down on branding initiatives. He also highlighted that the company has optimised on the people front, though it has been difficult to let go of employees.

In order to achieve overall profitability, the edtech major recently had laid off 2,500 employees, or around 5 percent of the 50,000-strong workforce across product, content, media, and technology teams in a phased manner.

Also Read: Edtech giant Byju’s seeks more time from lenders to repay $1.2 billion debt

In an internal mail, Byju Raveendran asked for forgiveness from the employees who are in the process of getting fired. He also explained the rationale behind the decision. He said that it's been done “to protect the health of the larger organisation and pay heed to the constraints imposed by external macroeconomic conditions."

The company also faced a lot of flak for roping in football player ‘Leo’ Messi as the first global brand ambassador of its social impact arm Education For All just after announcing the layoffs.

Also Read: BYJUs says roping in Lionel Messi will help increase brands presence in international markets

First Published:Jan 17, 2023 8:38 PM IST