Edtech company Byjus is set to close around 200 of its 300 offline tuition centers across the country as part of a cost-cutting drive. As reported by Captable, these will no longer work from next month. In February, 50 of the tuition centers that played a major role in the company’s growth were closed.

Saving money

Byjus asked all employees to work from home last week. The company has decided to leave all the offices whose rent has expired and keep only the office in Bengaluru. The offices are being shed to save money as part of a restructuring push by Byjus India CEO Arjun Mohan.

The company is making such a cash-saving move as the money raised in the recent rights issue (around Rs 2,000-2,500 crore) has run into trouble with some investors. At the same time, Byjus said it has paid part of its February salaries to more than 20,000 employees.