‘Focus on quality with efficiency…’: BYJU'S shuts 30 out of 292 tuition centres
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funds received by the company through the rights issue should be kept in a separate escrow account and should not be withdrawn till the disposal of the matter.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)Milestone Alert!
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