Revealed By: Enterprise Desk
Final Up to date: March 11, 2024, 15:13 IST
In a big cost-cutting effort to handle the approaching liquidity disaster, embattled ed-tech firm Byju’s has given up all workplaces throughout India, retaining solely its headquarters at IBC, Data Park, Bengaluru.
This comes at a time when the corporate has been engaged in a dispute with its traders relating to the validity of the funds raised from a not too long ago concluded rights challenge providing.
Because of the choice, the corporate has now mandated that every one staff work at home indefinitely, apart from these figuring out of roughly 300 Byju’s Tuition Centres throughout the nation.
This additionally comes at a time when the corporate has held again a part of February salaries for about 75 % of its staff. The corporate at present has near 14,000 staff in India. Byju’s, disbursed the funds after delaying it for about days and promised to pay the steadiness as soon as it’s allowed to make use of the funds from the not too long ago closed rights challenge.
Based on sources near the corporate, the choice to close down all workplaces within the nation was part of the Byju’s India CEO Arjun Mohan’s restructuring plan.
“This has been in works for over six months. The corporate has been shutting down workplaces throughout nation as quickly the lease for every expired,” stated the supply.
The CapTable was the primary to report the event.
