Byju’s has given up office spaces as the leases expired, keeping only its Bengaluru-based headquarters at IBC, Knowledge Park, people close to the development told news agency IANS on Monday.
New Delhi: Embattled edtech company Byju’s reportedly asked its employees to work from home indefinitely, giving up all the office spaces across the country. The cash-strapped company has however let people working at its 300-odd offline tuition centres out of the Work From Home set up.
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Byju’s has given up office spaces as the leases expired, keeping only its Bengaluru-based headquarters at IBC, Knowledge Park, people close to the development told news agency IANS on Monday.
The move to give up offices is part of Byju’s India CEO Arjun Mohan’s restructuring exercise to save cash as proceeds from the rights issue (around $250-$300 million) remain stuck amid its tussle with select investors, IANS has reported. The CapTable was the first to report the development.
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Amid several cash crunch the company has somehow managed to disburse a portion of the pending salaries for over 20,000 employees for the month of February. It hhas promised to pay the remaining salaries once it is allowed to use the funds from the recently closed rights issue.
“We processed part salaries for everyone for February, late night on Friday to the extent of capital we could get outside the rights issue. The company will pay the balance once the rights issue funds are available, which we expect shortly,” the company said in its latest letter to employees, reported IANS.
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In the letter, the company mentioned that the salaries are expected to be reflected in employee accounts on March 11, as it was delayed due to a long weekend and second Saturday.
The Bengaluru bench of the National Company Law Tribunal (NCLT) had directed Byju’s that the proceeds from the rights issue (which is about $250-$300 million) is to be kept in a separate account till the disposal of the case with investors.
With IANS Inputs
