NEW DELHI: Embattled edtech firm Byju’s has apparently mandated all its workers to work at home because it provides up workplace areas throughout the nation amid a number of money crunch, barring these working at its 300-odd offline tuition centres.
The corporate, which managed to disburse a portion of the pending salaries for over 20,000 workers for the month of February, has given up workplace areas because the leases expired, retaining solely its Bengaluru-based headquarters, folks near the event instructed IANS on Monday.
The transfer to surrender workplaces is a part of Byju’s India CEO Arjun Mohan’s restructuring train to save lots of money as proceeds from the rights concern (round $250-$300 million) stay caught amid its tussle with choose traders.
The CapTable was the primary to report the event.
The corporate has promised to pay the remaining salaries as soon as it’s allowed to make use of the funds from the just lately closed rights concern.
“We processed half salaries for everybody for February, late evening on Friday to the extent of capital we might get exterior the rights concern. The corporate can pay the stability as soon as the rights concern funds can be found, which we count on shortly,” the corporate stated in its newest letter to workers.
