Published By: Business Desk
Last Updated: March 11, 2024, 15:13 IST
In a big price-chopping effort to deal with the upcoming liquidity disaster, embattled ed-tech firm Byju’s has given up all workplaces throughout India, retaining solely its headquarters at IBC, Knowledge Park, Bengaluru.
This comes at a time when the corporate has been engaged in a dispute with its traders concerning the validity of the funds raised from a just lately concluded rights situation providing.
As a results of the choice, the corporate has now mandated that each one workers do business from home indefinitely, aside 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 p.c of its workers. The firm at the moment has near 14,000 workers in India. Byju’s, disbursed the funds after delaying it for about days and promised to pay the stability as soon as it’s allowed to make use of the funds from the just lately closed rights situation.
According to 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 company has been shutting down offices across country as soon the lease for each expired,” mentioned the supply.
The CapTable was the primary to report the event.
