Byju’s, the Edtech giant, has recently abandoned all its office spaces throughout India, opting to maintain only its headquarters at IBC Knowledge Park in Bengaluru.
As reported by Money Control, 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.
This report follows when several media reported that the company is anticipated to miss the March 10 deadline after reportedly delaying salaries for over 20,000 employees eagerly awaiting their February pay.
However, the company’s founder and CEO, previously assured employees of timely salary disbursements, stating, “We are striving to ensure that your salaries are paid by March 10.”
The consolidation of office spaces underscores Byju’s commitment to navigating financial uncertainties while ensuring operational efficiency from its central hub in Bengaluru.
Reportedly, Byju’s instructed all employees to embrace indefinite remote work, excluding personnel based in roughly 300 Byju’s Tuition Centres. This shift aligns with Byju’s India CEO Arjun Mohan’s strategic restructuring initiative.
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.
By empowering employees to work remotely, The company exhibits a forward-looking approach, prioritizing both efficiency and employee well-being.
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