Edtech company Byju's is planning to shut down around 200 of its 300 offline tuition centres across the country as part of cost-cutting measures. According to the report, these will not work from next month. Of the tuition centres that played a key role in the company's growth, 50 were shut down in February.
Saving money
Last week, Byju's asked all employees to work from home. The company has decided to keep its office in Bengaluru, leaving all the offices where the rent has expired. The offices are being left to save money as part of a restructuring proposed by Byju's India CEO Arjun Mohan.
The company is making such a move to save money as the money earned in the recent rights issue (about Rs 2000-2,500 crore) got stuck in the middle of a problem with some investors. At the same time, Byju's has paid a part of the salary for February to more than 20,000 employees.
