Byju's Vacates All Offices Except Headquarters
However, around 300 of Byju's tuition centres, which are physical spaces where students of classes 6–10 batches study, will continue functioning.
Edtech firm Byju's has vacated all of its offices, except its headquarters in Bengaluru, as the beleaguered startup tries to cut costs in an attempt to turn the corner.
Except for IBC Knowledge Park, where over 1,000 employees will continue to work, all other premises across Bengaluru and India have been vacated, according to two persons familiar with the matter.
The process has been going on for the previous six–eight months as the company did not renew several of its contracts for offices across cities as a way to cut costs and turn profitable, they said on the condition of anonymity.
However, around 300 of Byju's tuition centres, which are physical spaces where students of classes 6–10 study, will continue functioning. Byju's total headcount, which stands at about 14,000 currently, will work from home, they said.
The company is also facing a working capital crunch, as it has yet to pay all its employees for the month of February. It attributed the delay in salary disbursal to the blockage of funds it raised from its $200 million rights issue.
The company has also posted a second consecutive year of billion-dollar losses. Its bottom line bled Rs 8,553 crore in the financial year ended March 2023, compared to a Rs 8,240 crore loss in FY22.
It is also facing at least five insolvency petitions against it in the National Company Law Tribunal, apart from a bitter battle with major investors in Byju's who have voted to oust Chief Executive Officer and eponymous founder Byju Raveendran.
