BYJU’s Makes ‘Work From Home’ Compulsory for Employees Indefinitely, Gives Up All Office Spaces Except Bengaluru HQ: Report
BYJU's has reportedly told all its employees to work from home indefinitely. The report said that the edtech firm gave up all its offices except HQ in Bengaluru.
Bengaluru, March 11: Edtech major BYJU's has reportedly told all its employees to work from home indefinitely. BYJU's only retained its headquarters in Bengaluru and reportedly gave up all the other tuition centres across India. BYJU's has been going through a financial crisis for a month and reportedly had a decline in its valuation.
According to the report by Moneycontrol, BYJU's has told all its employees to work from home and shut down nearly 300 of its BYJU's Tuition Centres from all across India. The report said that the edtech major's decision to give up all its offices is part of its cost-cutting measure to address the imminent liquidity crisis following BYJU's conflict with its shareholder. Elon Musk’s Artificial Intelligence Startup Company ‘xAI’ To Open-Source Grok AI Chatbot: Reports/
The report mentioned that the company has only retained its headquarters at IBC, Knowledge Park, Bengaluru and gave up the rest of the office spaces in India. The dispute between BYJU's and its investors over the validity of the funds raised from the right issues offering. Consequently, the company has mandated that all the employees work from home indefinitely, except those working "out of approximately 300 BYJU's Tuition Centres in India.
The report said that the company held back the February salary of 75% of its employees and now has nearly 14,000 employees working in India. According to the report by The New Indian Express, BYJU released the full February late payment of 25% of employees late Friday night. Gautam Adani, Qualcomm CEO Cristiano Amon Discuss About India’s Potential Around Semiconductors, AI and Mobility.
As per the report by Moneycontrol, BYJU's promised to pay the balance "once it is allowed to use the funds from the recently closed rights issue." The decision to give up all the tuition centres was reportedly part of BYJU's India CEO Arjun Mohan's restructuring plan. Further, it is mentioned in the report that the edtech firm had been shutting down India-based offices for six months as soon as the lease for each of them expired.
(The above story first appeared on LatestLY on Mar 11, 2024 03:16 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).