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Exclusive: Crisis-Hit BYJU’S Locked Out Of Over 100 Tuition Centres Over Unpaid Rent
Inc42
·
1y ago
Medial
Owners of commercial properties housing BYJU'S Tuition Centres have evicted the company due to unpaid rent and electricity bills. Multiple locations in Uttar Pradesh, Bihar, Jharkhand, and West Bengal have already been closed due to these evictions. BYJU'S had previously stated that 262 tuition centres were operational in March 2024, but some centres had to be shut down as the company aimed to reduce costs.
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Exclusive: BYJU’S To Shut Nearly 120 Tuition Centres
Inc42
·
1y ago
Medial
Edtech company BYJU'S is reportedly planning to shut down nearly half of its tuition centres as part of cost-cutting measures. The company, which has been facing financial challenges, has sent termination notices to centres in various cities, including Mohali, Lucknow, and Indore. This move comes as BYJU'S seeks to address changing business priorities and control expenses amidst a cash crunch and legal issues. It is expected that approximately 120 offline centres will be closed as a result of these measures.
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BYJU'S says 262 tuition centres continue to operate
YourStory
·
1y ago
Medial
Amid reports of BYJU'S shutting down its tuition centres, the edtech company has clarified that 262 of its tuition centres have successfully entered their third year of operations. A report by The Captable said that BYJU's is planning to close 200 offline tuition centres out of its 300 centres nationwide as part of its latest cost-cutting strategy.
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90% centres open: BYJU'S on reports of it closing 200 tuition centres
YourStory
·
1y ago
Medial
BYJU'S has denied reports of the edtech startup closing 200 of its 300 tuition centres across the country from next month. "90% of its tuition centres, i.e. 262 out of 292, will continue to function in...hybrid model," a spokesperson said on Friday. The remaining centres will undergo a "strategic restructuring", the spokesperson added.
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BYJU’S Slashes Product Prices, Revamps Sales Model
Inc42
·
1y ago
Medial
Indian edtech company BYJU'S has reportedly slashed prices and revamped its sales model amidst ongoing financial and legal challenges. The annual subscription for BYJU'S Learning App has been reduced to INR 12,000, while offline BYJU'S Tuition Centres courses are priced at INR 36,000 per year. BYJU'S CEO, Byju Raveendran, introduced a new sales strategy that links team salaries to weekly revenue generation. The company aims to have a workforce of 50,000 salespeople by next year. BYJU'S has faced a debt crisis, cash crunch, and legal cases, prompting these changes.
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BYJU’S Relinquishes Most Office Spaces, Adopts Work-from-Home Policy
Inc42
·
1y ago
Medial
Amid financial struggles and ongoing legal battles with investors, edtech startup BYJU'S has reportedly given up all but one of its office spaces in India. The company has downsized its premises from five to three floors in Bengaluru's IBC Knowledge Park and reduced its headcount significantly. The move is part of CEO Arjun Mohan's restructuring plan. Additionally, all BYJU'S employees outside of its headquarters and 300 tuition centres will be working from home indefinitely. BYJU'S has faced a series of challenges including delayed salaries, investor disputes, debt crisis, legal cases, layoffs, and regulatory scrutiny.
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‘Focus on quality with efficiency…’: BYJU'S shuts 30 out of 292 tuition centres
Livemint
·
1y ago
Medial
BYJU's has closed down 30 out of its 292 tuition centres as part of cost optimization measures. The company aims to make the remaining centres profitable within three years. BYJU's said that the closed centres will undergo strategic restructuring to align with the company's long-term vision. The edtech firm is also using the premises of tuition centres as sales offices. An extraordinary general meeting (EGM) has been called by BYJU's on March 29 to increase the authorized share capital, but some investors have opposed the meeting and seek to remove the founder and CEO from the board.
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Byju’s misses own timeline to pay variable income to tuition centre staff
Money Control
·
2y ago
Medial
Mrinal Mohit, the de facto head of the Byju’s Tuition Centres (BTC) vertical had said in an employee townhall in July that the company would be paying variable or performance-linked income and other incentives to the entire staff with their September salaries. But at least 7 employees have confirmed to Moneycontrol that these incentives were not paid with September salaries
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Bhive Workspace rents space in Adani Inspire in Mumbai’s BKC at ₹1.2 cr per month
Thehindubusinessline
·
1y ago
Medial
Bengaluru-based co-working operator Bhive Workspace has leased over 62,000 sq ft of space in Mumbai's Bandra Kurla Complex. The lease, for a period of five years, comes with a starting monthly rent of over INR 1.2 crore ($167,000). The rental agreement includes a 15% escalation after three years and the entire period of the lease is locked in for the renter. Bhive plans to use the space to establish co-working and managed spaces, including data and server rooms and a cafeteria. The licence commencement date is March 2, with a rent-free period of eight months for fit-out works.
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Byju’s India CEO Arjun Mohan quits amid fresh restructuring
The Arc Web
·
1y ago
Medial
Byju's India CEO Arjun Mohan has resigned, leading to further restructuring at the edtech company. Founder Byju Raveendran will now handle day-to-day operations, while Mohan will serve as an advisor. Byju's is also undergoing a restructuring called Byju's 3.0, with a focus on three areas: The Learning App, Online Classes & Tuition Centres, and Test preparation. Mohan, who previously worked at Upgrad, rejoined Byju's in 2023 to reshape the international business. His appointment was aimed at changing the company's sales culture and reducing costs, including laying off over 5,000 employees. Byju's is also facing challenges with raising funds from investors.
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BYJU’S To Restructure 30 Tuition Centres, Says 90% Will Continue To Run On Hybrid Model
Inc42
·
1y ago
Medial
BYJU'S, the edtech giant, has clarified that reports suggesting the closure of many of its tuition centres are unfounded. It stated that 90% of its centres will continue operating in a hybrid model, while the remainder will undergo restructuring. This comes after previous reports that BYJU'S had given up most of its office spaces in an effort to cut costs. The company is currently facing legal challenges and its CEO, Byju Raveendran, has faced calls for his removal. Its financial statements for FY22 show a significant increase in net loss.
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