Byju's, once India's most valuable startup, is undergoing significant financial and operational challenges. The company has partially paid February salaries to its employees late night on Friday, citing limitations due to capital constraints outside of a rights issue. It assured the balance would be paid once the funds from the rights issue are available. Approximately 20,000 employees received a portion of their salaries, with full payments processed for about 25% of the workforce amid investor disputes. Amidst these salary woes, Byju's, now fighting to survive, has also undertaken drastic cost-cutting measures, including vacating almost all its office spaces across India, except for its headquarters in Bengaluru. This move mandates employees to work from home and is part of the company's broader restructuring efforts to navigate through its financial difficulties.
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Byju's on a bumpy ride! First salary delay, now office spaces given up - Biz restructuring by CEO Arjun Mohan? https://t.co/GDM0V2KJyZ
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#Byju’s to vacate several offices in cost-cutting drive, may give up HQ partially Byju's will now have around 250 centres left in the country that will also double as its sales centres, people aware of the matter said. https://t.co/rZR1TPWmhK
You read it on @thecaptableco first! BYJU'S has given up all its office spaces in the country, except its headquarters in Bengaluru, in the latest cost-cutting move, reports @patwardhannn. Read at 👇 https://t.co/TAYHIJOa2B https://t.co/aULJbH5XYj
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You heard it on @thecaptableco first! BYJU'S has given up all its office spaces in the country, except its headquarters in Bengaluru, in the latest cost-cutting move, reports @patwardhannn. Read at 👇 https://t.co/TAYHIJOa2B.
Byju's gives up almost all office spaces across India, mandates employees to work from home https://t.co/1y73hHUo76 via @moneycontrolcom
🚨🆕Byju's has given up all its office spaces in the country, in the latest of cost-cutting initiatives undertaken by the embattled edtech firm @thecaptableco over the weekend, visited office spaces of Byju's in Delhi NCR and Bengaluru. Details👇 https://t.co/4DGqBtMATM
Byju's processed full salary payments for 25% of its employees, sources say ET NOW's Anurag Joshi @anujosh_aj @BYJUS https://t.co/FfGuki9w3U
Byju's processed full salary payments for 25% of its employees sources say @anujosh_aj @BYJUS https://t.co/c8GwUyG33U
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Once India's most valuable start-up, Byju is now fighting to survive https://t.co/nqJnuJMTNv
Byju’s Salary Woes: Some employees receive full payments, others await clearance amid investor dispute https://t.co/giHmbw42Z2
Troubled edtech major @BYJUS said on Sunday that it has paid a portion of the salaries for February to about 20,000 employees
“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" Byju's to employees https://t.co/soyoEsKBen
Byju's disburses part salaries for February, promises to pay the balance from rights issue fund By @Unibrowverse https://t.co/DaTlzCZMU9 via @moneycontrolcom