According to Mint report, BYJU’s, an Indian multinational educational technology company, has announced the closure of 10% of its tuition centers nationwide.
The parent company of Byju’s Think and Learn has shut down 30 out of 292 centers. The focus on quality and efficiency is enabling most of its centers to become profitable.
“Ninety per cent of its tuition centres, i.e. 262 out of 292, will continue to function in this novel hybrid model, integrating the best and the latest technology in the coming years,” the company said in the statement.
Earlier in March, the company has recently abandoned all its office spaces throughout India, opting to maintain only its headquarters at IBC Knowledge Park in Bengaluru.
The company currently employs close to 14,000 employees in India. This strategic move aligns with the company’s urgent cost-cutting initiatives in response to an impending liquidity crisis.
The company has found itself entangled in a dispute with investors over funds generated from a recently concluded rights issue offering, prompting the company to take decisive measures to weather the financial challenges.
Reportedly, Byju’s instructed all employees to embrace indefinite remote work, excluding personnel based in roughly 300 Byju’s Tuition Centres.
By facilitating remote work, Byju’s optimizes operational flexibility while ensuring employee safety amidst evolving circumstances. The decision underscores the organization’s adaptability and commitment to continuity amid changing work paradigms.
And also, by empowering employees to work remotely, The company exhibits a forward-looking approach, prioritizing both efficiency and employee well-being.
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