Cash Strapped Byju’s Vacates All Offices, Asks Employees To Work from Home

New Delhi: Embroiled in financial trouble, Byju’s directed all its employees to start working from home immediately. The edtech company also vacated all of its office spaces except its headquarters in Bengaluru.

According to Moneycontrol, the employees at the Bengaluru headquarters and 300 Byju’s tuition centres will continue working from offices.

The Byhu’s took this recent decision to face the upcoming liquidity crisis. The Byju’s India CEO Arjun Mohan took the recent decision to close down offices across the country as part of the restructuring strategy.

Byju’s is facing a financial crisis and has sacked thousands of employees in the past year. It has also not paid the full salaries of its employees for the month of February.

Once valued at over $20 billion, Byju’s has experienced around 90 percent decline in its valuation, over the past year.

The company’s major stakeholders recently voted to remove Byju Raveendran from his position as chief executive officer (CEO), which was contested by Byju Raveendran.