BYJU'S says 262 tuition centres continue to operate
The edtech firm has said that it is focusing on operational efficiency and a small percentage of its tuition centres will undergo restructuring.
Amid reports of shutting down its tuition centres, the embattled edtech company has clarified that 262 of its tuition centres have successfully entered into 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, following the closure of 50 centres in February.
"Contrary to these claims, nearly all BYJU’S Tuition Centres continue to serve students across India, gearing up to set new benchmarks in hybrid learning, which brings together the best of offline and online learning," the company's spokesperson said in a statement on Friday.
"Ninety percent of its tuition centres, i.e. 262 out of 292, will continue to function in this novel hybrid model, integrating the best and the latest technology in the coming years. Most of our current students have already signed up for the next academic year (2024-25)," the statement added.
BYJU'S stated that it is focusing on operational efficiency by identifying areas for improvement in a small percentage of tuition centres, which will undergo strategic restructuring to align with its long-term vision.
A week ago, the company instructed its entire workforce of over 20,000 employees to permanently operate remotely amid a liquidity crisis and legal disputes with investors, according to sources.
Due to an NCLT case with key investors, the company is unable to pay full salaries to employees for February.
Edited by Megha Reddy