edtech
| March 12, 2024, 7:04 a.m.
Byju's Shifts to Remote Work as Offices Vacated Amid Financial Crisis
Edtech giant Byju's has instructed its 14,000 employees to work from home as it vacates all its offices across the country, except for its headquarters in Bengaluru. The move comes as Byju's grapples with financial difficulties, including cash-flow problems and a dispute with creditors over a $1.2 billion loan. The company's valuation has reportedly plummeted by 90 percent over the past year, and it has faced challenges such as the removal of its CEO Byju Raveendran and issues with corporate governance. Byju's tuition centers, however, will continue to operate despite the office closures.
Read More.| March 9, 2024, 10:04 a.m.
Byju's Faces Salary Payment Delay Amidst Funding Dispute
Byju's, the embattled edtech company, is facing challenges in paying salaries to its over 20,000 employees for the month of February. The delay is attributed to funds raised through a rights issue being held in a separate account as directed by the National Company Law Tribunal (NCLT). Despite successfully closing the rights issue, Byju's CEO Byju Raveendran expressed regret over the inability to process salaries due to ongoing legal constraints. Raveendran cited certain investors' actions hindering the utilization of raised funds for salary payments, while clarifying that funds have not been misappropriated.
Read More.Stories
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