BYJU’s on Friday announced that it has shut down 10 per cent of its tuition centres across the country as a part of its cost optimisation measures. Think and Learn, which owns BYJU’s brand, has closed 30 out of its 292 tuition centres, according to an official statement.
BYJU’s also said that it aims to turn most of the remaining 262 centres profitable in the third year of their operations.
“BYJU’s is immensely proud of the dedication of its teachers and the performance of its students. BYJU’s focus on quality with efficiency is helping most of its centres turn profitable in their third year.”
“Ninety per cent of its tuition centres, i.e. 262 out of 292, will continue to function in this novel hybrid model, integrating the best and the latest technology in the coming years,” the company said in the statement.
BYJU’s Tuition Centres (BTCs) are entering their third year of full capacity operations. The edtech firm is also using premises of BTCs as sales offices.
BYJU’s said that as the company strives for operational efficiency, it has identified opportunities for improvement for a small percentage of BTCs, which will undergo strategic restructuring to align with BYJU’S long-term vision.
“Most of our current students have already signed up for the next academic year (2024-25) and BYJU’S thanks both the students and parents for their trust, confidence and support,” the company said.
The embattled edtech firm has called the extraordinary general meeting (EGM) on March 29, to increase authorized share capital of the company following the recent $200 million rights issue.
However, a group of aggrieved investors – Prosus, General Atlantic, Sofina, and Peak XV — along with support from other shareholders, including Tiger and Owl Ventures — have opposed meeting before company tribunal NCLT, Bangalore.
It has been asked to consider extending the closing date of the $200 million rights issue. The NCLT Bangalore Bench has said the funds received by the company through the rights issue should be kept in a separate escrow account and should not be withdrawn till the disposal of the matter.
The miffed investors led by Prosus want to remove Byju’s founder and CEO Byju Raveendran and his family members from the board.
(With agency inputs)
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Published: 22 Mar 2024, 09:48 PM IST