Amidst recent reports suggesting the closure of a significant number of its tuition centres, edtech giant BYJU’S has clarified that approximately 90% of its centres will continue to operate in a hybrid model. The remaining centres are set to undergo restructuring to align with BYJU’S long-term vision.
Hybrid Model Continues
BYJU’S emphasized that most of its offline centres, now entering their third year of operations, will operate in a hybrid model, ensuring the continuity of educational services. This decision comes as the company prepares for the next academic year, 2024-25, with the majority of its current students already enrolled.
Strategic Restructuring
While the majority of centres will continue with the hybrid model, a portion will undergo strategic restructuring. This move is aimed at enhancing alignment with BYJU’S overarching vision and ensuring operational efficiency.
Legal and Financial Challenges
BYJU’S is currently navigating various legal challenges, including a recent court order in the US related to financial matters. The company is also involved in multiple legal battles, amounting to over $1.5 billion, including disputes with the Enforcement Directorate and the Board of Control for Cricket in India (BCCI).
Leadership and Financial Reporting
Recently, BYJU’S investors sought an extraordinary general meeting (EGM) and passed a resolution calling for the removal of CEO Byju Raveendran. Additionally, the company has faced delays in financial reporting, with its FY22 financial statements filed almost 22 months after the year ended. The company reported an 81% year-on-year surge in net loss to INR 8,245.2 crore for FY22.
