Edtech company Byju’s has vacated all its offices across the country except its office in its headquarters at Bengaluru. The move is reportedly aimed at cutting costs in view of recent liquidity concerns the firm is facing owing to a dispute related to its rights issue.
Byju’s India CEO Arjun Mohan has told all employees to work from home indefinitely, excluding those operating from the tuition centres, numbering around 300.
The shutting down of offices has been going on for the past six months. Byju’s has been gradually closing offices as leases expire, according to sources.
Meanwhile, Byju’s has distributed part of the pending salaries for February 2024. It plans to settle the remainder once permitted to access funds from the closed rights issue.
In some good news for the company, last month, the National Company Law Tribunal (NCLT) deferred its verdict on a petition filed by Byju’s investors, paving the way for the company’s $200-million rights issue.
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