Embattled edtech company Byju’s plans to close 200 offline tuition centres across India to cut costs. The move comes after shutting 50 centres in February. Byju’s Tuition Centres were a growth engine for the company, but now they are part of the cost-cutting strategy.
Byju’s employees are mandated to work from home as the company gives up office spaces due to cash crunch. The restructuring exercise by Byju’s India CEO aims to save cash as funds from the rights issue remain stuck. Byju’s has disbursed part of the pending salaries for over 20,000 employees.
The decision to close the tuition centres and give up office spaces is part of Byju’s efforts to navigate through financial challenges. The company is facing a cash crunch and is taking these measures to streamline operations and manage costs effectively. Stay tuned for more updates on Byju’s ongoing developments.
