Byjus, an Edtech business, has closed all of its offices in India and is only keeping its Bengaluru headquarters at IBC Knowledge Park. The corporation has been in a power struggle with its investors over the proceeds from a recently closed rights issue sale, which has led to the cost-cutting move as it prepares for an impending liquidity crisis.End of office hoursByjus, an Edtech business, has closed all of its offices in India and is only keeping its Bengaluru headquarters at IBC Knowledge Park. The corporation has been in a power struggle with its investors over the proceeds from a recently closed rights issue sale, which has led to the cost-cutting move as it prepares for an impending liquidity crisis.Heres what the officials had to say! Reprortedly, more than half a year has gone into this project. The corporation has been closing its locations across the nation as soon as the leases on each one ended, according to sources. It was previously reported that Byjus attempted to settle the remaining deficit after being granted permission to use the proceeds from the closed rights issue by paying out portions of the outstanding paychecks to every employee for the month of February.According to the company, it has processed a portion of the February salaries up to the amount of money it possessed outside of the rights offering. It anticipates that the salaries will appear in employees accounts on March 11.
