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Byju's gives up most office spaces in India, shifts to remote work
Byju's Crisis: Byju's has asked all employees to work from home indefinitely, except for those working out of approximately 300 Byju's Tuition Centres.
Edtech company Byju's has left all office spaces across India and is only retaining its headquarters at IBC Knowledge Park in Bengaluru. The cost-cutting step comes as the company addresses an imminent liquidity crisis as the company has been engaged in a tussle with its investors with respect to the funds raised from a recently concluded rights issue offering.
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Bjyu's work from home rule
Byju's has asked all employees to work from home indefinitely, except for those working out of approximately 300 Byju's Tuition Centres, it was reported. The company has taken the decision as part of Byju's India CEO Arjun Mohan's restructuring plan.
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“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," CapTable reported citing people in the know.
Byju's salary disbursed
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Earlier, it was reported that Byju's disbursed parts of pending salaries to all the employees for February as it attempted to clear the balance once it is allowed to use the funds from the closed rights issue.
Read more: Cash-strapped Byju's distributes part of salaries to employees: Report
The company said that it had processed part of salaries for February to the extent of capital it had outside the rights issue and expects the salaries to be reflected in the accounts of employees on March 11.
The company said that it has made alternate fund arrangements to ensure that the daily lives are not disrupted and is “committed to serve the students with passion and dedication they deserve”.
