Byju’s is taking big steps to survive in the market. According to reports, Byju’s has abandoned most of its offices in India and has asked its employees to work from home as the company is facing financial problems.
Byju’s has more than 300 tuition centers all over India and apart from the employees working in them, the rest of the employees have been asked to work from home because byju’s is coast cutting apart from its headquarters in IBC Knowledge Park in Bengaluru. All offices are closing.
By 2022, Byju’s used to be a big $22 billion ed-tech startup but now its valuation is only $1 billion. Recently, Byju’s business has not gone well and due to financial problems, Byju’s is taking some tough steps.
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Recently Byju Raveendran has been removed from the post of CEO of Byju’s and Arjun Mohan has been appointed in his place. As part of Byju’s restructuring plan, he has asked all employees to work from home indefinitely and is closing offices across the country.
Also, Byju’s had distributed some part of the salary to all the employees for February and after getting permission to use the money from the currently closed rights issue, the salary will be deposited in the accounts of the employees on March 11.