More than five crore new students signed up for India's largest edtech startup Byju's in the first eight months of the pandemic. But the unicorn hit rough terrain after a green run, as losses surged 20 times in FY21, due to calculations that showed payments yet to be received as revenue.
Although the firm has laid off almost 4,000 employees to cut costs, its Education for All initiative has helped 55 lakh underserved children.
Push for free education
Speaking at an event, Byju's co-founder Divya Gokulnath mentioned that 50 per cent of the children getting free digital educational content via EFA, are girls.
She added that one lakh of these 55 lakh students are underprivileged children from border areas.
These kids were able to receive online education through the platform's initiative in 12 different languages.
Reaching out to those deprived of access
The assertion from Byju's comes at a time when lack of access to smartphones and internet deprives 60 per cent Indian students of e-learning.
Its EFA push provides free classes for one student for every student who is paying for the edtech firm's services.
With a presence in 120 countries, Byju Raveendran and Divya Gokulnath also shared their vision to turn the startup into a global edtech conglomerate.
Philanthropy in the face of criticism
Although they faced flak for hiring Lionel Messi as a global ambassador right after firing thousands, Byju's founders highlighted how it help increase their reach.
Over the past few months, the platform has also been compelled to retain 140 employees in Kerala after they approached the state government.
It was also accused of forcing people to resign by a union in Bengaluru.
