BENGALURU: Edtech company Byju’s on Friday said 90% of its tuition centres- 262 out of 292 will continue to function in the hybrid model and the rest will undergo restructuring.
The beleaguered edtech firm announced this as reports alleged that the firm might shut 200 of its tuition centres. Byju’s pointed out that reports falsely suggest the closure of many Byju’s Tuition Centres (BTCs) and that such an implication is entirely unfounded and misrepresents the company’s operational strategy.
“Contrary to these claims, nearly all BTCs continue to serve students successfully across India, gearing up to set new benchmarks in hybrid learning, which brings together the best of offline and online learning. BTCs are entering their third successful year of full capacity operations and exceptional academic results,” Byju’s spokesperson said. The company has 292 centres, and 262 centres across the country will operate in the hybrid model.
“As Byju’s 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,” the spokesperson added. Also, it said that most of its current students have signed up for the next academic year (2024-25), and that it remains dedicated to its mission of revolutionising education through technology and personalised learning experiences.
In 2022, in his note to employees the company’s founder Byju Raveendran had said that they would increase the number of offline tuition centres.Meanwhile, Byju’s has called an extraordinary general meeting (EGM) on March 29, but select investors have opposed the EGM in company tribunal NCLT.
On March 13, the Karnataka High Court extended its interim order till March 28, restraining investors of Byju’s not to bring in effect any resolutions passed at the EGM that was conducted last month. In the EGM called by investors including Prosus and General Atlantic, holders of over 60% of the cap table voted in favour of change in leadership of the company. These investors also filed an oppression and mismanagement suit against Byju and management in the NCLT Bengaluru branch.